Chicago man charged with stealing $9 million from investors

A Chicago man was charged Tuesday with stealing more than $9 million from investors in his non-existent commodities business.

Nick Wurl, 25, president of Ludiera Capital LLC, has been charged with wire fraud, according to the U.S. Attorney’s office.

Between July 2013 and May 2015, Wurl told about 50 investors that Ludiera was in the business of buying, transporting and selling commodities — including corn and wheat — domestically and internationally, prosecutors said.

However, Ludiera never bought, transported or sold any commodities, according to federal prosecutors. He concealed the scheme by preparing and distributing fraudulent account statements.

Wurl allegedly used the investors’ funds to trade futures and options without disclosing that he was using their funds for trading, prosecutors allege. He also used invested money to pay personal expenses.

The indictment seeks forfeiture of about $9 million. The wire fraud charge carries a maximum of 20 years in prison and a $250,000 fine.