Thread: Latino couple bilk 6.3million from Mexicans in Chicago

link: http://www.southtownstar.com/news/11071 ... ticleprint


Suburban Palos Park Latino couple gets time for stealing $6.3 million from Mexican-Americans in their community

(http://www.southtownstar.com/news/11071 ... ud.article)

August 14, 2008

BY WILLIAM LEE, staff writer

A Palos Park couple pleaded guilty to bilking millions of dollars from hundreds of Mexican-Americans in Blue Island who trusted the couple to manage their investments, authorities said.

San Juanita and Ernesto Arellano each pleaded guilty to theft of more than $100,000 after two days of trial at the Criminal Courthouse.

Judge Diane Cannon sentenced San Juanita Arellano to 10 years in state prison and her husband to eight years, Cook County state's attorney spokeswoman Tandra Simonton said.

Prosecutors accused the couple of bilking $6.3 million from a total of at least 200 customers of their Arellano Insurance and Financial Services, formerly located at 12814 S. Western Ave. in Blue Island.

Restitution was not a part of the plea, Simonton said.

Since August 2001, the business offered tax, finan-cial, insurance and notary services to many within Blue Island's Mexican-American community.

The couple promised huge financial returns on risky investments, prosecutors said, but closed their business last summer when their customers became suspicious.

The Arellanos, both of the 13000 block of Ridgewood Drive in Palos Park, were arrested in July 2007 and hit with numerous theft charges.

After the arrest, the secretary of state's securities department filed an order of prohibition in October banning the couple from giving financial advice or selling securities in Illinois.

William Lee can be reached at wlee@southtownstar.com or (70 633-6747.

I just wonder how many of their clients that got bilked were here illegally? It is any easy sell to those looking for riches in this country to be taken in by a scheme that promises to double or triple their money with no work involved.

$6.3 million with 200 victims is alot of money per victim! Must be a thriving community there in Blue Island...

The Blue Island area is teeming with illegal aliens..probably cash rich from not paying taxes and maybe even drug and human smuggling money.

Moving to other topic's (not about illegal immigration)

Well now we know the rest of the story . Tried and convicted. and they stuff away 6 Million plus dollars . Hmmmm something is crooked

[quote]Restitution was not a part of the plea, Simonton said[quote]

I hope it's HARD time