ROCKFORD (WIFR) -- The former owner, CEO and President of Commercial Mortgage and Finance has been accused of defrauding investors of more than $20 million.
77-year-old Anthony D'Agostino has been charged with 17 counts of mail fraud.
The FBI says he ran his business as a Ponzi scheme. They allege he raised money for his business by selling promissory notes and then used that money to pay interest owned on older promissory notes.
According to the indictment, the fraud scheme allegedly took place from August of 1997 through October 8, 2008.
D'Agostino is scheduled to appear at the Federal Courthouse in Rockford on December 27, at 10:30 for arraignment.