Accused Investment Manager Sent Back To Chicago from Bali

Woodridge IL

29 January, 2021

12:23 PM

Description

CHICAGO — Marcus Beam, a Chicago-based investment manager from Woodridge was returned to federal custody in Chicago this week after his July arrest in Bali, Indonesia. Federal authorities said Beam fled to Indonesia after being released on bond in January 2020. Beam, 50, pleaded not guilty to 10 counts of wire fraud and mail fraud during his Wednesday arraignment in federal court in Chicago. In January 2020, Beam was charged in connection to a scheme in which he fraudulently obtained money from women he met online, according to the U.S. Attorney's Office. The indictment alleges Beam used the money for personal benefit instead of investing in stocks as promised. Authorities say the scheme resulted in a loss of at least $500,000 to the investors. Each count in the indictment is punishable by up to 20 years in prison. According to federal authorities, Beam was located in Indonesia by U.S. Marshals, and he was arrested last summer by Indonesian authorities and Interpol. Federal authorities said assistance from the news media helped lead to Beam's arrest in Indonesia. Officials also acknowledged the assistance they received from national and local police in Indonesia, Interpol and the Indonesian Directorate General of Immigration. The U.S. Justice Department's Office of International Affairs also helped to secure the suspect's return.