Article Summary
- A federal grand jury has indicted SIUE lecturer Jonathan C. Clark on one count of mail fraud and three counts of wire fraud.
- Prosecutors allege he charged more than $100,000 in personal expenses to his university-issued credit card.
- Clark was scheduled to be arraigned Wednesday in federal court but did not show up for the hearing.
This summary was written by the reporters and editors who worked on this story.
EAST ST. LOUIS — A former adjunct instructor at Southern Illinois University Edwardsville is facing federal charges for allegedly using his university-issued credit card to pay for tens of thousands of dollars in personal expenses, including rent, athletic fees, marijuana and high-end kitchen knives.
On Aug. 18, a federal grand jury indicted Jonathan C. Clark, an SIUE lecturer and lab manager, on one count of mail fraud and three counts of wire…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.