Chicago financial adviser pleads guilty to $4.2M fraud

SHARE Chicago financial adviser pleads guilty to $4.2M fraud

A former financial adviser based in Chicago pleaded guilty Thursday to defrauding her clients out of more than $4.2 million by persuading them to buy phony securities.

Delores J. Mosier, 72, admitted in a plea agreement to one count of mail fraud, according to a statement from the U.S. Attorney’s office. Mosier faces up to 20 years in prison or a fine up to $250,000 or twice the gross gain or loss resulting from the fraud.

While Mosier operated Chicago-based investment firm D.J. Mosier and Associates Inc., she advised her clients to invest in debt securities called “Chicago Anticipatory Notes,” saying that they were issued by the city and would earn annual 7 percent interest or higher, prosecutors said. The securities did not exist.

Her clients made out checks to “Chicago Anticipatory Note,” which Mosier then cashed into a bank account in her name called “CAN,” defrauding nine people out of more than $4.2 million, prosecutors said.

She used the money for “household expenses” and to make mortgage payments on a property in La Porte, Indiana, prosecutors said. She also used some of the money to make bogus interest payments to clients who had purchased the fake securities, further concealing the scheme by providing fake documents and statements.

Mosier, of La Porte, Indiana, is scheduled to be sentenced Aug. 12.

The Latest
No officers were injured in the shooting, police said. One person was arrested and a gun was recovered at the scene.
The former R&B star is set to go to trial in Chicago — again — on Aug. 15. Here’s a rundown of what’s happening and why.
Sánchez habló con La Voz Chicago sobre su más reciente libro, “Llorando en el baño: Memorias”, un libro que toca todos los temas delicados a los que las latinas se han enfrentado en la vida.
Lizbeth Urbina, de 24 años, es madre soltera de dos hijas, de 1 y 3 años, y trabaja en una zapatería en La Villita.
El automóvil no se detuvo después del choque, según la policía.