Corporate & Securities Law

Eccleston Law has launched an investigation into a $6.4 million Ponzi scheme operated by Downers Grove man David Hernandez.  Hernandez recently plead guilty to one count of fraud and was sentenced to serve more than 16 years in prison for his role in swindling more than 250 people approximately $6.4 million.

Hernandez broke into the spotlight in 2009 when his company, NextStep was announced to be a corporate sponsor of Chicago radio personality Mike North?s show on the Comcast SportsNet Chicago. 

Unbeknownst to listeners and investors, NextStep was actually a Ponzi scheme that Hernandez had been operating.  Hernandez promised investors monthly returns as high as 16 percent in a business involving payday loans.  When Hernandez could no longer make payments to his investors in 2009, it became apparent that his operation was in fact a Ponzi scheme. 

Hernandez subsequently was arrested and charged with one count of fraud.  Following a guilty plea, a Federal judge sentenced Hernandez to more than 16 years in prison, and to pay restitution to his victims.  The prosecutor in the case, however, said that investors likely will not be repaid.  Hernandez is reported to have no assets other than an interest in his Chicago home and two automobiles.  

Eccleston Law represents individual and institutional investors to recover their investment losses caused by securities and investment fraud. Our attorneys also help victims of Ponzi schemes pursue recovery by submitting claims with receiverships established by the SEC or by assisting victims with the filing of a Theft Loss Tax Deduction with the IRS.

If you have lost money investing with David Hernandez or NextStep, you may be eligible for an immediate theft loss tax deduction of up to 95% of your losses.  Please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 for more details.