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Chicago Sports Webio Investor Gets 16 Years for Ponzi Scheme

By Chuck Sudo in News on Jan 14, 2011 6:50PM

Hernandez photo courtesy the Downers Grove Police Dept., via the Tribune
His wife was oblivious that he was forging her signature to mortgages. He duped Mike North and fired him from their Chicago Sports Webio project when Pappy started asking why checks were bouncing. He went on the run when it was discovered he was running a Ponzi scheme to fund the failed web radio project. Later he pleaded guilty to that Ponzi scheme. Today, David Hernandez was sentenced to sixteen years and eight months in prison for that Ponzi scheme. Hernandez swindled $6.4 million from investors in the Ponzi scheme, which he used for personal use, including starting Chicago Sports Webio.