Chicago Investment Advisor John Myers Charged in Alleged Sterling Capital Ponzi Scheme

Case from 2026 (U.S. Attorney's Office release: June 8, 2026). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

John Myers, 41, of Chicago, who operated Sterling Capital Investments LLC, was indicted on four counts of wire fraud on June 4, 2026, accused of defrauding at least three clients, including a Michigan husband and wife, in a Ponzi scheme, the U.S. Attorney's Office for the Northern District of Illinois announced June 8 [1]. The SEC filed a parallel civil case alleging he raised about $4 million from at least 28 investors [2].

Important: Myers is charged only and is presumed innocent unless and until proven guilty. The SEC's claims are civil allegations.

How the alleged scheme worked

According to the indictment as summarized by prosecutors [1]:

1. False performance claims: From 2022 to 2025, Myers allegedly obtained money from three victims based on false statements about the performance and value of their investments.
2. Hidden losses: He allegedly gave investors documents showing their investments were worth more than they were, while knowing his trading losses had reduced their value.
3. Ponzi payments: He allegedly used some investor money to repay earlier investors.

The SEC's complaint, as reported by InvestmentNews, alleges that Myers sent fabricated quarterly statements showing annual returns of 16% to 54%, lost most investor money on speculative short-dated options trades, and misappropriated at least $1.8 million for personal expenses such as rent and credit card debt [2] [3]. The SEC also alleges many investors were family members, friends or acquaintances [3].

The person charged

John Myers, 41, Chicago [1]

• Court: U.S. District Court for the Northern District of Illinois, No. 26 CR 278, assigned to U.S. District Judge Edmond E. Chang.
• Charges: four counts of wire fraud.
• Next step reported: arraignment set for June 12, 2026.
• Statutory exposure (informational): up to 20 years per count.
• Investigation: FBI Chicago Field Office, with assistance from the SEC; prosecuted by Assistant U.S. Attorney Jared Hasten.
• Parallel civil case: SEC complaint against Myers, Sterling Capital and Sterling Capital Management seeking injunctions, disgorgement and penalties [2].

Red flags

• Statements produced by the manager, not a custodian you can check directly.
• Returns far above the market, such as 16% to 54% a year.
• Excuses that your money is "frozen" by outside events when you ask to withdraw.
• An unregistered advisor soliciting friends and family.

What to do if you're targeted

1. Verify registration at adviserinfo.sec.gov and BrokerCheck.
2. Ask for custodian statements sent directly from a brokerage.
3. Report concerns to the SEC at sec.gov/tcr and the FBI at ic3.gov.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
John Myers, 41, Chicago	N.D. Ill., No. 26 CR 278 (Judge Chang)	Indicted June 4, 2026, on four counts of wire fraud; no later outcome found in public sources as of Oct. 16, 2026	[1]
John Myers; Sterling Capital; Sterling Capital Management	SEC civil action (N.D. Ill.)	SEC complaint filed; pending	[2]

An indictment is an accusation, not evidence of guilt.

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "Illinois Investment Advisor Indicted on Federal Fraud Charges for Allegedly Swindling Clients in Ponzi Scheme," June 8, 2026. https://www.justice.gov/usao-ndil/pr/illinois-investment-advisor-indicted-federal-fraud-charges-allegedly-swindling-clients
2. U.S. Securities and Exchange Commission, Litigation Release No. 26562, "Sterling Capital, LLC." https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26562
3. InvestmentNews, "Illinois investment advisor indicted in $4M Ponzi fraud scheme," June 9, 2026. https://www.investmentnews.com/regulation-legal-compliance/illinois-investment-advisor-indicted-in-4m-ponzi-fraud-scheme/266939

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