Illinois Man Who Posed as a Real Estate Investor Gets Seven Years in Fraud Case

by Andrew Murray | August 21st, 2019

On August 06, 2019, the Illinois Attorney General’s Office announced the sentence for the Cook County man who stole approximately $246,000 from his victims. The Press Release states:

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Arturo Segura, 41, of Chicago, Ill., pleaded guilty to one count of theft and one count of securities fraud. Cook County Circuit Court Judge William Raines sentenced Segura to seven years in prison for theft and five years in prison for securities fraud, to be served concurrently. Segura was also ordered to pay restitution for the $246,000 stolen as part of his scam.

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From May 2013 to February 2017, Segura claimed to be a real estate investor with Blackhearts Investments to take approximately $246,000 from three victims. Segura promised victims he would invest their money in a particular property. However, he instead spent the investment money on his own personal expenses.

The Attorney General’s office prosecuted the case based on a referral by the Illinois Secretary of State’s Securities Department.

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The Attorney General’s office previously charged Segura in 2011 for similar conduct following an investigation by the Illinois Secretary of State’s office. In 2012, he pleaded guilty to misdemeanor theft and received six months of conditional discharge in exchange for paying $56,000 in restitution to three victims of that scam.

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