Retirement planning adviser charged with fraud

Retirement planning adviser charged with fraud

CHICAGO (AP) — A Chicago-area retirement planning adviser faces federal charges for allegedly defrauding older clients out of more than $2.5 million.

A statement from Chicago's U.S. attorney's office says those targeted by 55-year-old Lucita Zamoras were frequently immigrants.

Zamoras allegedly told investors through several of her Niles-based companies that their money would go into low-risk investments. But prosecutors say she spent it on business and personal expenses, including to gamble and to buy airline tickets.

Prosecutors say Zamoras tried to hide the fraud by using newly raised funds to make Ponzi-type payouts to those who invested earlier.

Zamoras, a Chicago resident, is charged with one count of mail fraud. A conviction carries a prison sentence of up to 20 years. Her lawyer didn't immediately return a message seeking comment.

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