WOODRIDGE, Ill. - A Woodridge investment manager who was charged with fraud has been extradited back to Chicago after fleeing to Indonesia.
Marcus Beam, 50, is accused of telling women and other investors online that he would invest their money in stocks such as Uber and Lyft, when in actuality he spent their money on things such as rent, auto loans and retail purchases, the U.S. District Attorney’s Office in the North District of Illinois said.
The losses to investors added up to at least $500,000, prosecutors said.
Beam was indicted on ten counts of wire and mail fraud in January 2020 but fled the country after posting bond, prosecutors said. The U.S. Marshal’s service located him in Bali, Indonesia, and he was arrested there by local police in July.
Beam pleaded not guilty to the charges during an arraignment Wednesday in Chicago. Each count in the indictment is punishable by up to 20 years in prison.