The Securities and Exchange Commission is accusing a Hinsdale man swindling elderly investors out of more than $1.7 million and using the money for gifts to his wife and secretary, as well as to pay for his daughter’s college tuition.
In a lawsuit filed in federal court in Chicago, the SEC said Rick Boros, who operated a company called North American Mining Ventures, enticed investors to sink cash into gold and silver mines in Durango, Mexico.
The lawsuit says the 67-year-old Boros misappropriated virtually all of the investors’ funds and refused to return any of the money.
Boros was recently convicted on unrelated drug-related charges and is scheduled to be sentenced next month.
The Chicago Sun-Times reports that a lawyer for Boros could not immediately be reached.
Source: Chicago Sun-Times.
Was this article valuable?
Here are more articles you may enjoy.
Atmospheric River to Flood Pacific Northwest Through Week 
NYT, Chicago Tribune Sue Perplexity AI as Copyright War Rages On 
Abbott Presses Congress for Shield Over Preemie Baby Formula Litigation That Could Cost It Billions 
Standard Chartered Settles $2 Billion Iranian Sanction Suit in London 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.