Crime & Safety
Former Frankfort Man Accused Of 'Swindling' Investors: Feds
The cannabis company owner was charged with wire fraud in a scheme to defraud investors out of more than $950,000, prosecutors said.
![Geoffrey Thompson, 53, formerly of Frankfort, was charged Thursday in federal court with wire fraud. He could face up to 20 years in prison if convicted.](https://patch.com/img/cdn20/users/25201666/20211204/013920/styles/patch_image/public/police___04132648001.jpg)
FRANKFORT, IL — A former Frankfort resident has been charged in federal court with wire fraud, accused of "swindling" investors out of more than $950,000, according to a news release from the Department of Justice U.S. Attorney’s Office Northern District of Illinois.
Geoffrey Thompson, 53, currently of Naples, Florida, was charged Thursday for his involvement "in a scheme to defraud and to obtain money and property by means of materially false and fraudulent pretenses, representations, and promises, and by concealment of material facts," according to court documents.
Thompson owned and operated a Canadian-based cannabis company that did business in Colorado, according to the news release. In 2018 and 2019, the government said Thompson took money from investors by falsely claiming that the money would be used to expand the company's business and to hold an initial public offering of securities.
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In reality, Thompson used the money for personal benefit and to make "Ponzi-like" payments to prior investors, the government alleged.
In a related civil case, Thompson had been ordered in January to pay $542,582 to the U.S. Securities and Exchange Commission as part of a settlement.
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Thompson could face up to 20 years in prison if convicted of wire fraud. He is scheduled for arraignment Thursday.
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