Chicago Adviser Dimitry Vishnevetsky Gets 6 Years for Fake Funds and 'LIBOR-Adjusted Notes'

Case from 2013 (U.S. Attorney's Office release: March 4, 2013). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Dimitry Vishnevetsky, a 34-year-old former investment adviser from Chicago, was sentenced on March 4, 2013, to six years in federal prison. He had run an investment fraud that cost clients more than $1.6 million, the U.S. Attorney's Office for the Northern District of Illinois announced [1].

How the scheme worked

According to court records cited by prosecutors [1]:

1. The offerings: Through Hodges Trading LLC and Oxford Capital LLC, which he controlled, Vishnevetsky sold stakes in funds he said traded S&P futures or a mix of equities, futures and commodities. He also sold brokerage and management services and promissory notes.
2. Funds that didn't exist: Three Oxford funds existed in name only. So did the promissory notes, which he called "LIBOR-adjusted notes."
3. Fake results: He gave some investors fabricated trading results showing profits as high as 36% a year. In reality, the trades he did make consistently lost money.
4. Where the money went: From September 2006 to March 2012, he used investor money for mortgage and car payments, travel, restaurants, athletic club dues and his own trading. He made Ponzi-type payments to clients with other investors' money.
5. Bank fraud: From 2007 to 2010, he lied about his income and assets to Merrill Lynch Bank & Trust to get, and later modify, two loans totaling about $519,500 for a Chicago condominium.

The sentence

Dimitry Vishnevetsky, 34, Chicago

• Plea: guilty to wire fraud and bank fraud in August 2012.
• Sentence: six years in prison and $1,684,763 in restitution, nearly all of it to about half a dozen clients. U.S. District Judge Ruben Castillo imposed the sentence and likened the conduct to a financial storm that devastated the victims' lives. He was ordered to report May 28, 2013.
• Prosecutors' view: "This offense was entirely unnecessary." They noted his business degree and study at the University of Oxford [1].

The FBI investigated, assisted by the Commodity Futures Trading Commission, which filed a companion civil lawsuit.

Red flags

• A fund you can't find in SEC filings, the NFA's BASIC database or a custodian's records.
• Exotic-sounding products such as "LIBOR-adjusted notes" offered only by the adviser.
• Strong, steady returns shown only on statements the adviser prepares.

Protect yourself

1. Look up the adviser and the fund on adviserinfo.sec.gov, FINRA BrokerCheck and NFA BASIC.
2. Confirm your holdings directly with an independent custodian.
3. Report fraud to the SEC at sec.gov/tcr or the CFTC at cftc.gov/complaint.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Dimitry Vishnevetsky, Chicago	N.D. Ill. (Judge Castillo)	Pleaded guilty Aug. 2012 to wire fraud and bank fraud; sentenced March 4, 2013, to 6 years and $1,684,763 restitution	[1]

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "Chicago Investment Advisor Sentenced To Six Years In Prison For Causing Clients To Lose $1.6 Million In Fraud Scheme," March 4, 2013. https://www.justice.gov/usao-ndil/pr/chicago-investment-advisor-sentenced-six-years-prison-causing-clients-lose-16-million

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