Illinois man indicted in Ponzi scheme

CHICAGO, Oct. 29 (UPI) -- A Chicago-area man faces federal fraud charges for allegedly bilking investors of $28 million in an alleged Ponzi scheme, the U.S. Justice Department said.

Matthew Scott, 50, Elmerhurst, Ill., was charged with luring at least 60 victims to invest in a business he falsely represented, using the money to pay off earlier investors, causing a loss of at least $4.5 million, the U.S. Justice Department said Thursday in a release.

The defendant was charged with mail fraud in the criminal information filed Thursday. He will be arraigned in U.S. District Court on an as-yet undetermined date, the Justice Department said.