Chicago Money Manager Wanted in Alleged Ponzi Scheme Disappears

One of the business partners behind a new Internet sports talk station is missing after being accused in an alleged multimillion-dollar Ponzi scheme.

David Hernandez, who ran Chicago Sports Webio with Mike North, disappeared Monday and was reported missing about 7 p.m. by his wife when he didn't come home, said Downers Grove Police Sgt. David Bormann.

Hernandez, 48, called his wife that afternoon and made comments "referencing his well being," Bormann told

"It was enough to cause alarm with his wife," the sergeant said.

The 48-year-old money manager already is being investigated by federal regulators for running an alleged Ponzi operation in which he is accused of raking in more than $11 million from investors in 12 states, according to an SEC lawsuit.

The missing person's case is separate of the fraud probe, Bormann said.

Hernandez is a convicted felon who filed for bankruptcy three times, according to police.

He was driving an olive green-colored Ford Explorer with license plate number 965 625 when he disappeared.

Hernandez is described as 5 feet, 10 inches tall and weighing 205 pounds. He was last seen wearing a burgundy shirt with khaki pants.

Anyone with any information about Hernandez's whereabouts should call Downers Grove Police at (630) 434-5600.

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