Chicago FBI agents say 39 year old Eduardo Velazaquez made some investors an online offer they couldnt refuse by telling them his product was risk free.
Federal prosecutors charged Velazquez in 2008 with mail and wire fraud based on promises he made consumers if they invested in a hedge fund offered by his internet-based investment company, V-Tek Capital. The FBI's John Diwik says, "What he was promising is that he would take the investors money and that he would spend 20 percent of it on a hedge fund and the other 80 percent would be used to purchase zero coupon bonds." Diwik adds investors would then be offered a ten percent return on their investment.
Agents say Velazquez ran his company from an apartment building in the 200 block of west Washington for six years. In that time, court records indicate he defrauded investors across the country out of nearly two million dollars. Investigators say Velazquez spent the money on himself and his girlfriend. They also he disappearred right before his case was slated to go to trial last November. A federal judge issued a warrant for his arrest in December.
Despite being on the run for three months, FBI agents say believe Velazquez may be hiding out in the Chicago area. They say that's because most of his friends and family are here, which means, you may have seen him.
Here is detailed description of what investigators say Velazquez looks like.
He is described as a Hispanic male, about six feet two inches tall, weighing around 250 pounds, with brown hair and eyes. He is known as either Eduardo or Edward R. Velazquez.
If you see him, call police. .