Businessman pleads not guilty in Ponzi scheme - KWWL - Eastern Iowa Breaking News, Weather, Closings

Businessman pleads not guilty in Ponzi scheme

CHICAGO (AP) -- A businessman and web radio promoter charged with swindling 290 victims out of $3.5 million in a Ponzi scheme has pleaded not guilty but says he has retained an attorney who specializes in plea bargaining.

David Hernandez appeared for arraignment Wednesday before U.S. Magistrate Judge Susan Cox. His attorney, John Meyer, said he was merely standing in for Jeffrey Steinback -- a prominent plea agreement specialist Hernandez has retained.

The 48-year-old Hernandez is charged with promising victims big returns on investments he never made, instead paying them with money from other investors.

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