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Craig Gutowsky Ponzi Scheme Chicago, Illinois


At his home in Cary Illinois , Craig Gutowsky would sit and ponder how he could get out from his job of driving a truck for USF Holland America in Wheeling Illinois. Even thou he had 10 year he hated being behind the wheel of an 18 wheeler day in a day out. He was afraid that management was going to catch on to his fake workman's comp case for an injured finger . After all it was his 3rd workman's comp case in 4 years, and he was running out of body parts, back , ankle finger, Monday he would be back behind the wheel . He had to do something and quick. With the help of his accountant at Delta financial Services, Craig started Nicks Games The plan was to invest in PLAY and TRADE franchises. Craig looked for investors; guaranteeing a 10% rate of return He unique software through word of mouth. And investors say he kept them happy by producing monthly statements documenting their steady 20 percent returns.But Craig Gutowsky allegedly was not investing their money. Authorities said he was running a Ponzi scheme that duped investors out of hundreds of thousands of dollars.On January 28 , 2010 a DuPage County judge ordered Craig Gutowsky , 42, of the 19 th block of Montclair Court , Cary Illinois held in lieu of $150,000 dollars bail. A grand jury indictment has charged Gutowsky with theft, securities fraud, fraud and selling securities without registering.

PEOPLE OF THE STATE OF ILLINOIS -VS- CRAIG GUTOWSKY

0001 THEFT-UNAUTHORIZED CONTROL KNOWING TO DEPRIVE - $100,000 < $500,000 ACTIVE 10225
0002 THEFT BY DECEPTION WITH INTENT TO DEPRIVE - $100,000 <= $500,000 ACTIVE 10225
0003 SECURITIES VIOLATION - INVESTMENT ADVISOR FRAUD ACTIVE 10225
0004 SECURITIES VIOLATION - INVESTMENT ADVISOR FRAUD ACTIVE 10225
0005 SECURITIES VIOLATION - INVESTMENT ADVISOR FRAUD ACTIVE 10225
0006 SECURITIES VIOLATION - INVESTMENT ADVISOR FRAUD ACTIVE 10225
0007 SECURITIES VIOLATION - INVESTMENT ADVISOR FRAUD ACTIVE 10225

Between Jan. 1, 2007, and Oct. 9, 2008, Gutowsky duped investors by creating the false impression that he was a broker at CMG Trading and had investments with a that were paying a guaranteed 20 % rate of return . He called this the "Kevin G Carney " fund. Gutowsky guaranteed the investment and took 10% commission as his broker fee. But instead of selling securities, Gutowsky used his investors' money to pay returns to other investors. According to one investor, Gutowsky wanted to legitimize his company and was playing to buy several Play and Trade Franchises under the now dissolved Illinois corporation NICKS GAMES . Gutowsky used investors money to buy turbo charged Mercedes Benz ,with custom plate that said ' FAST E55'. vintage museum quality 1966 chevy II classic muscle cars, various high performance racing motorcycles, complete with luxury trailer, equipped with plasma television and leather coaches.Additionally Gutowsky took his wife Renee on several Las Vegas vacations and could be seen of the golf course several times a week. He even had a retirement party at a local beer hall in Cary - Colman's ,showing off his new sucess as a stock broker , thumbing his nose at all the other truck drivers he invited from USF HOLLAND AMERICA.Chumming the the waters for new investors , he was spending more then he was taking in and Gutowsky new he was in trouble.

A restaurateur in the western suburbs took a mortgage on his paid off home and gave Gutowsky a $100,000. dollars. He was introduced to Gutowsky thou his son. "Had I known about Bernie Madoff, I would never have talked to Craig in the first place," He said, referring to the infamous Wall Street manager who is serving a 150-year sentence for running a decades-long Ponzi scheme that has cost investors billions. Craig Gutowsky only spent a couple of hours in a Dupage county lock up thanks to his father in law - Phillip J Abbinanti of Buffalo Grove, Illinois , the owner of Chapple Design-Build 31W007 North Ave Ste 202 West Chicago, IL .Gutowsky a relative through marriage of his daughter Renee . Other family members also invested with Gutowsky.

Gutowsky will have to appear in Dupage County court on the next date of 06-30-2010
COURTROOM 4010 Court Time 09:00 AM


also see KEVIN G. CARNEY ponzi scheme