- $5.6 Million
Investment fraud victimizing the Chicago Housing Authority. Defendant Lauer, as CHA’s Director of Risk Management and Benefits, caused CHA to invest at least $12.5 million in the so-called Konex Roll Program, which purportedly was designed to pool investor funds to purchase and trade in “Prime Bank Instruments.” In reality, the Roll Program was simply a scam, from which Lauer received over $4 million from the promoters (without disclosing his conflict of interest). The other defendants herein were certain of the promoters, all of whom received lengthy prison sentences.
