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Press Release

Chicago-Based Financial Advisor Admits Steering Clients into Phony Investments and Pocketing the Cash

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

CHICAGO — A Chicago-based financial advisor pleaded guilty in federal court today to pocketing her clients’ money after counseling them to purchase phony securities.

DELORES J. MOSIER admitted in a plea agreement that she advised her clients to invest in bogus debt securities purportedly called “Chicago Anticipatory Notes.”  Mosier falsely represented that the notes were issued by the City of Chicago and would earn annual interest of 7% or higher, according to the plea agreement.  The securities did not exist, and Mosier pocketed the investment money, the plea agreement states.  The government contends that Mosier fraudulently obtained more than $4.2 million from approximately nine victims.

Mosier, 72, of La Porte, Ind., pleaded guilty to one count of mail fraud.  The conviction carries a maximum sentence of 20 years in prison and a maximum fine of $250,000 or twice the gross gain or gross loss resulting from the offense, whichever is greater.

U.S. District Judge Gary Feinerman scheduled a sentencing hearing for Aug. 12, 2016, at 9:30 a.m.      

Mosier is a licensed financial broker and investor who operated Chicago-based D.J. Mosier and Associates Inc.  According to the plea agreement, Mosier told her clients to make their investment checks payable to “Chicago Anticipatory Note,” knowing that she had opened a bank account in her name that was titled “CAN.”  Mosier deposited the clients’ checks into the account and used the money for her own benefit, including purchasing household expenses and making mortgage payments on a property in La Porte, Ind., according to the plea agreement.

Mosier concealed the scheme by using some of the money to make purported interest payments to other victims who had also purchased the fictitious notes.  She attempted to make the scam appear legitimate by providing the victims with fraudulent documents that she created, including fictitious disclosure statements, phony quarterly interest statements, and bogus balance statements that purported to reflect the clients’ growing investment proceeds.

The guilty plea was announced by Zachary T. Fardon, United States Attorney for the Northern District of Illinois; and Michael J. Anderson, Special Agent-in-Charge of the Chicago Office of the Federal Bureau of Investigation.

The government is represented by Assistant U.S. Attorney Yusef Dale.

Updated May 5, 2016

Financial Fraud