Friday, September 22, 2000

Man charged with bilking investor

The Associated Press

        A man accused of stealing about $900,000 from a Chicago investor has been indicted on federal charges, authorities said Thursday.

        Federal investigators said Ronald Chambers, 49, of Cincinnati, persuaded Chicago investor Ronald Dilger to transfer $1.2 million from a retirement account to a bank account that Mr. Chambers controlled under a corporate name. Investigators say Mr. Chambers told Mr. Dilger the money was needed to persuade other potential backers of a plan to produce two movies.

        Instead, Mr. Chambers used all but $290,000 of Mr. Dilger's money for personal uses, including transferring it into his bank accounts, buying a car and paying for a wedding in Las Vegas, investigators said.

        A federal grand jury in Cincinnati indicted Mr. Chambers on charges of money laundering and of interstate transportation of money obtained by fraud. Both offenses are punishable by up to 10 years in prison, $250,000 fines and orders of restitution.

        Mr. Chambers was arrested last week in Las Vegas, federal authorities said. He could be brought back to Cincinnati next week to appear before a federal magistrate, officials said.

        Federal authorities said they have recovered about $350,000 of Mr. Dilger's money.


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