Oak Brook Attorney and Radio Host Kathleen Niew Sentenced to 6 Years in $2 Million Fraud Case
Oak Brook-based real estate attorney and radio talk show host Kathleen Niew, 59, and of Burr Ridge, was recently sentenced to 70 months in prison for allegedly stealing more than $2 million from her clients, according to the U.S. Department of Justice (USDJ).
The USDJ further reports that Niew pleaded guilty to 10 counts of wire fraud in June 2014, and that she has been ordered to pay restitution of $2.34 million to the victims of her fraud. The report notes that she must also forfeit assets related to the alleged crime.
Niew, who operated Niew Legal Partners, allegedly profited by using clients’ money she was supposed to invest in commercial property to finance the purchases of various gold mining operations, according to court reports.
Former WIND-AM 560 Radio Host Kathleen Niew Allegedly Arranged a 20 Percent Finder’s Fee in Exchange for Client Funds
According to court records, Niew, who operated Niew Legal Partners, used clients’ money she was supposed to invest in commercial property to finance the purchases of various gold mining operations.
As part of the alleged scheme, Niew, the author of two money management books and former host of a financial advice show on WIND-AM 560, allegedly executed a plan wherein she arranged to receive a 20 percent finder’s fee for herself from mining operation investments in exchange for providing approximately $1.5 million in funds that belonged to her clients, according to court records.
According to a statement from the USDJ, Niew was also found responsible for allegedly defrauding another client out of $500,000 by claiming that she needed to borrow the money to help buy assets in her upcoming divorce proceeding. Instead, the USDJ further reports, Niew allegedly sent the investor’s funds to one of the same investment operations where she had sent her previous investor’s money, according to the USDJ.
The Peiffer Rosca Wolf investment recovery lawyers often represent investors who lose money as a result of investment misconduct and Ponzi schemes, and are currently investigating Niew. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Any investor who believes they lost money as a result of Niew’s scheme are welcomed to contact the investment recovery attorneys at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.