Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Illinois Man Accused of Operating $12 Million Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) has charged an Illinois man with violating federal securities laws and for his alleged participation in a Ponzi scheme involving $12 million. FBI agents arrested Robert R. Anderson, 59, in his home on Thursday morning, October 7, 2010.

The SEC claims that Mr. Anderson, president of American Homes Inc., which is managed by Rosand Enterprises Inc., raised $12 million from at least 77 investors. Investors were promised monthly returns of 10 to 20 percent for six to 12 months.

The investors were under the impression that Mr. Anderson was using the money to conduct real estate business by purchasing, building, repairing and selling homes in the Chicago area.

Mr. Anderson has been accused of using funds from new investors to pay returns to existing investors. He also has been accused of using a portion of the funds to acquire cars, make credit card payments and pay for his daughter’s wedding.

“Investors were led to believe that their money was being safely invested in Anderson’s real estate ventures,” said Merri Jo Gillette, director of the SEC’s Chicago office. “Instead, he was paying investors in Ponzi-like fashion to keep his scheme afloat while also using their money for his personal expenses.”

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