Yale Schiff Sentenced to Three Years for Multimillion-Dollar Fraud; $20 Million Stolen by Adviser, Sports Betting Fund Defrauder Gets 48 Months

A suburban Chicago businessman, Yale Schiff, has been sentenced to three years in federal prison for a multimillion-dollar investment fraud scheme. Schiff fraudulently obtained millions in mortgage and vehicle loans while using stolen identities to secure credit from various financial institutions. In a separate case, a suburban Philadelphia investment adviser pleaded guilty to stealing over $20 million from clients, which he misappropriated for personal luxuries including international travel and country club dues. Additionally, a man involved in defrauding investors in a sports betting fund received a 48-month prison sentence.