Long Grove Ponzi Schemer Pleads Guilty

For full details of Francis Alan Schmitz’ Ponzi scheme plea agreement, click here.

The short of it is that the Long Grove man pled guilty to “a scheme to defraud financial institutions and others” and is facing a maximum of 30 years in prison, but after all the calculations done with regard to the seriousness of the crime and mitigating factors, a sentence of “78 to 97 months’ imprisonment” os expected.

In addition, Schmitz faces up to a $1 million find and the possibility of being order to pay restitution to his victims.

He said he was involved in real estate development with Long Grove Real Estate Partners, among other entities.


Comments

Long Grove Ponzi Schemer Pleads Guilty — 2 Comments

  1. Al Schmitz is the biggest piece of crap on earth not only did he bilk the banks out of $3 Million, he also bilked other investors out of another $3 Million. To show what a piece of crap he is he also cashed his dead brothers social security checks. Al you ruined alot of lives and do us all a favor, don’t scream whem Bubba and Leroy tag team you in your cell

  2. It isn’t going to be 79 to 97 months for Big AL! US Attorney Patrick Fitzgeral is now asking for a minimum of 121 months, the US Attorney stated in court documents released on November 16, 2010 that Schmitz understated his fraud to the Probation Office.

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