Crime & Safety

Former Joliet Resident Gets Nearly 9 Years in Fed Pen For Ponzi Scheme

A former Joliet resident was sentenced to eight years and 11 months in federal prison.

James Brandolino raked in $3.75 million while running an investment fraud scheme over the course of seven years. A federal judge gave him eight years and 11 months in prison for it.

Brandolino, 44, had pleaded guilty to mail fraud in August 2011. Judge Elaine Bucklo also ordered Brandolino to pay $3,865,484 in restitution.

Brandolino, a former Joliet resident, also agreed to pay another $128,576 to managed account holders who suffered trading losses.

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Brandolino bilked about 60 investors, many of them family and friends, according to a statement released by the U.S. Attorney's Office.

"He lured investors with promises of healthy returns and principal safety, and he fabricated account statements showing steady gains, convincing investors to keep their money with him and to invest additional funds," the statement said.

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Brandolino went on to lose about $850,000 through unsuccessful futures trading and paid approximately $1.4 million in principal and purported profit returns to existing pool participants.

Brandolino also held on to more than $2 million for himself and used it to splurge on a luxury BMW, a Rolex watch and a piano, the statement said.

"Brandolino held various National Futures Association registrations in the commodities brokerage business, with exchange floor trading privileges at the Chicago Board of Trade, now part of the CME Group," the statement said. "He was also a principal of several commodities trading businesses, including Brandolino Investment Group, Lloyd Lewis Capital, Inc., Falcon Trading Group, Inc., and Falcon Capital Partners LLC."

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