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
“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.”