Illinois Investment Advisor Indicted on Federal Fraud Charges for Allegedly Swindling Clients in Ponzi Scheme

CHICAGO - An Illinois investment advisor has been indicted on federal fraud charges for allegedly swindling at least three clients in a Ponzi scheme.

JOHN MYERS operated Illinois-based Sterling Capital Investments, LLC. From 2022 to 2025, Myers fraudulently solicited and obtained money from three victims, including a husband and wife from Michigan, based on false representations about the performance and value of the investments, according to an indictment returned Thursday in U.S. District Court in Chicago. Myers provided false documentation reflecting the investments were worth more than they were, when Myers knew the value had actually decreased due to his trading losses, the indictment states. Myers engaged in a Ponzi scheme by using some investor funds to repay prior investors, the indictment states.

Myers, 41, of Chicago, is charged with four counts of wire fraud. Arraignment in federal court in Chicago has not yet been scheduled.

The indictment was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI. Valuable assistance was provided by the U.S. Securities and Exchange Commission. The government is represented by Assistant U.S. Attorney Jared Hasten.

The public is reminded that an indictment is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt. Each count of wire fraud is punishable by up to 20 years in federal prison. If convicted, the Court must impose a reasonable sentence under federal statutes and the advisory U.S. Sentencing Guidelines.