Prosecutors from the U.S. Attorney's Office for the Northern District of Illinois charged Bradley Schiller, 37, of using money he raised from banks and other investors for personal expenses, including country clubs, jewelry, a Land Rover and condominium fees.
Schiller was charged with three counts of wire fraud.
Authorities said Schiller raised more than $10 million between 2007 and 2012 from various sources, including the PrivateBank and Trust Co.
Allegedly, however, he lied to investors about "the profitability of his futures trading, the use of money he raised, the risks involved in providing him with money, his financial condition and the status of the funds."
Allegedly Schiller "misappropriated a substantial portion of the money raised and concealed the scheme by making Ponzi-type payments to victims and by creating and distributing fraudulent documents," prosecutors said.
Schiller will be arraigned at a date not yet determined.
The wire fraud counts each includes a maximum penalty of 30 years in prison and a $1 million fine, although an alternative fine can total twice what the defendant gained or victims lost from illegal activities, whichever is greater.