Ex-trader from suburban Chicago pleads guilty in $500 million fraud case
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A former Chicago trader who was charged in one of the city's largest-ever financial fraud cases is pleading guilty as part of a deal with prosecutors.
The Chicago Sun-Times reports (http://bit.ly/1cv172Q ) that Charles Mosley's plea caps his sentence at 10 years behind bars. He had faced up to 370 years in prison if he was convicted in the $500 million fraud scheme.
Prosecutors say the 49-year-old from Vernon Hills and Eric Bloom, the former CEO of Sentinel Management Group, defrauded more than 70 customers before the firm collapsed.
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Mosley will cooperate with prosecutors in their case against Bloom.
Before the Northbrook-based company went bust in 2007, officials boasted no client had ever lost money in its fund that was available to corporations, institutional investors and wealthy individuals.
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Information from: Chicago Sun-Times, http://www.suntimes.com/index