Prosecutors said Shawn Baldwin, 55, exaggerated his success to fraudulently obtain more than $11 million from 24 investors and lenders. He told them the money would be invested in things like stocks, but prosecutors said he spent much of it on jewelry, tuition and international travel.
Baldwin also misrepresenting and minimized regulatory disciplinary actions that had been taken against him, including the revocation of his certifications with the Financial Industry Regulatory Authority in 2009, and a permanent prohibition from offering securities sales or investment advice, which the State of Illinois imposed in 2013.
The sentence was announced at a hearing on Monday in Chicago. Baldwin had been convicted in 2019 of seven counts of wire fraud.