Chicago Man Accused of Swindling Investors

The Securities and Exchange Commission is accusing a Hinsdale man swindling elderly investors out of more than $1.7 million and using the money for gifts to his wife and secretary, as well as to pay for his daughter’s college tuition.

In a lawsuit filed in federal court in Chicago, the SEC said Rick Boros, who operated a company called North American Mining Ventures, enticed investors to sink cash into gold and silver mines in Durango, Mexico.

The lawsuit says the 67-year-old Boros misappropriated virtually all of the investors’ funds and refused to return any of the money.

Boros was recently convicted on unrelated drug-related charges and is scheduled to be sentenced next month.

The Chicago Sun-Times reports that a lawyer for Boros could not immediately be reached.

Source: Chicago Sun-Times.