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The hammer of justice has come down on Webio co-founder David Hernandez, 48, of Downers Grove. Hernandez stands charged of four counts of mail fraud for running a Ponzi scheme that bilked people out of around $12 million. According to the Sun-Times, the feds are also trying, "to seize $3.5 million and two luxury automobiles from Hernandez, including a 2009 Audi and a 2007 Mercedes Benz ML350."
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NYT article detailing how the city will spend all of the money from the parking meter lease by 2010.
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It will be interesting to see if anything can be done with the remnants of the company, which should be given over to the investors for their losses. At least the trademark could be sold off to generate some money, given the amazing media it has received.
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