As the old saying goes, “If it sounds too good to be true, it probably is.”
David Hernandez, of Downers Grove, is looking at between 6-14 years in prison. He defrauded $6.3M between 2007 and 2009 from investors who believed he was running a very profitable payday loan business.
What surprises me most is that he was able to con over 200 investors. I”m sure he used the CashNetUSA story to lure his victims. CashNetUSA is one of the great success stories in the cash advance industry. It sold for around $265M.
You can read the full story in the Chicago Tribune.
You can read more about the CashNetUSA deal in PDL Industry.
