Skip to main content
Press Release

California Man Charged in $23 Million Fraudulent Investment Scheme

For Immediate Release
U.S. Attorney's Office, Northern District of Illinois

CHICAGO — A California man has been charged with wire fraud in federal court in Chicago for defrauding multiple investors out of more than $23 million dollars as part of a fake investment scheme.

Per the information, from February 2021 through December 2022, SEAN GRUSD, 31, of California, is alleged to have devised and carried out a scheme to defraud investors in Dylan Ventures LLC, November Acquisitions SPV LLC, and December Acquisitions SPV LLC (collectively, "the Grusd Entities") out of more than $23 million dollars.  Grusd falsely represented that the victims’ money would be used to make investments in privately owned businesses.  Instead of making those investments, Grusd misappropriated the victims’ funds, using the money to pay personal expenses and purchase luxury items, including expensive cars, vacations, and real estate.

As part of his scheme, Grusd provided victims with false and forged documents, including fraudulent stock certificates that showed November Acquisitions had paid $50 million for shares in Company A; and that December Acquisitions had paid $100 million for shares in Company B; when, in fact, neither of those Grusd Entities purchased shares in either of those companies.  Additionally, Grusd provided one victim with a fabricated bank statement for December Acquisitions that he knew falsely reflected a balance of $133 million, when, in fact, the balance in that account was zero.

The charge is announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois and Robert W. Wheeler, Jr., Special Agent-in-Charge of the Chicago Office of the Federal Bureau of Investigation.  The government is represented by Assistant U.S. Attorney Corey B. Rubenstein.

The public is reminded that an information contains only a charge and is not evidence of guilt.  The defendant is presumed innocent and is entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.  The charge of wire fraud carries a possible sentence of up to 20 years in federal prison.  If convicted, the Court must impose a reasonable sentence under federal statutes and the advisory U.S. Sentencing Guidelines.

Updated April 3, 2023

Financial Fraud