Feds: Trader used investor funds on ‘lavish lifestyle’
SUN-TIMES MEDIA WIRE May 24, 2012 8:42PM
Updated: July 3, 2012 10:07AM
A Chicago commodities trader used millions of dollars in investors’ funds to support a lavish lifestyle that included luxury cars and a high-rise condo, leaving his clients short more than $4 million, the federal government charged Thursday.
The U.S. Commodity Futures Trading Commission filed a complaint in U.S. District Court in Chicago charging Bradley Scott Schiller of Chicago with solicitation fraud, misappropriating investors’ funds and issuing false statements.
It claims Schiller received more than $7.8 million from at least six investors to trade commodity futures contracts in managed accounts, but deposited only about $3.7 million into trading account.