Robert Acri—Investment Fraud Investigation
Robert Acri, Winnetka Financial Adviser, Unable to Account for $10 Million in Invested Funds, Including an ’85 Bear
Robert Acri, 58, and of Winnetka, turned himself in to DuPage County authorities Monday following his indictment on charges that he is unable to account for nearly $10 million in funds invested by his former clients, one including former Bears player Keith Van Horne, according to reports from DuPage.
Acri, authorities report, allegedly deceived investors regarding the financial health of his clients’ investments, and also allegedly failed to disclose a suspect loan to a personal friend who was developing a project in northwest Indiana. In addition, authorities alleged, Acri also falsified documents to cover up investor losses.
Acri was indicted earlier this month on alleged securities fraud, mail fraud and forgery charges, and was taken into custody, and was given reduced bail from $500,000 to $150,000, the DuPage authorities allege.
30 Investors Put Approximately $9.7 Million into Acri’s Financial Planning Company, Kenilworth Asset Management
Robert Acri lured a group of 30 people to invest about $9.7 million with Kenilworth Asset Management, a financial planning company that he operated until 2012, according to Illinois Assistant Attorney General Edward Snow.
Acri allegedly used client money to make a $500,000 loan to a personal friend who was reportedly having financial difficulty working to develop a shopping center project near Hammond, Indiana, according to the charges. In addition, Acri also failed to disclose reported defaulted loans made to some small businesses and a million-dollar lawsuit judgment against one of the funds Acri operated, according to files.
Furthermore, according to authorities, Acri is alleged to have mailed forms that indicated a positive balance in the investment funds and failed to account for losses from defaulted loans, according to the charging documents.
The Peiffer Wolf Carr & Kane Investment Recovery Lawyers Often Represent Investors
The Peiffer Wolf Carr & Kane investment recovery lawyers often represent investors who lose money as a result of investment misconduct. 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.
Investors who believe they lost money as a result of investment misconduct may contact the investment recovery lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.