CHICAGO (AP) — 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 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.
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.