Webio exec pleads not guiltyCourtesy
Chicago Sun Times
(July 16, 2009) A businessman and Web radio promoter charged with swindling 290 victims out of $3.5 million in a Ponzi scheme pleaded not guilty Wednesday but revealed that he has hired a lawyer who specializes in plea bargains.
David Hernandez, 48, was held without bond pending a hearing Monday. His attorney at the arraignment, John Meyer, said he was standing in for Jeffrey B. Steinback -- a prominent plea agreement specialist. But Meyer declined to comment when asked whether Hernandez intends to change his plea. Hernandez, 48, is charged with promising victims returns of 10 percent to 16 percent on investments he never made. He paid some victims with money coming in from new investors, according to a federal indictment. Hernandez helped launch Chicago Sports Webio, a now-defunct Web radio talk show, with broadcaster Mike North. Hernandez was arrested June 22 in Downstate Normal and taken into federal custody after he was released from a hospital following a drug-induced suicide attempt, authorities said. _______________________
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(July 16, 2009) A businessman and Web radio promoter charged with swindling 290 victims out of $3.5 million in a Ponzi scheme pleaded not guilty Wednesday but revealed that he has hired a lawyer who specializes in plea bargains.