Ludiera Capital Founder Nick Wurl Sentenced to 9 Years for Faking a Grain-Trading Business and Losing Investors' Millions

Case from 2015–2017 (U.S. Attorney's Office latest release: May 9, 2017). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Nick Wurl, founder of Chicago-based Ludiera Capital LLC, was sentenced on May 9, 2017, to nine years in federal prison for defrauding investors out of more than $9 million, the U.S. Attorney's Office for the Northern District of Illinois announced [1]. He was ordered to pay about $9.2 million in restitution.

How the scheme worked

According to prosecutors [1] [2]:

1. A fake success story: From January 2012 through May 2015, Wurl portrayed Ludiera as a successful firm earning extraordinary profits buying and selling commodities such as corn and soybeans. The 2015 indictment alleged Ludiera never actually bought, transported or sold any commodities.
2. Phony paperwork: He created phony bank records and false account statements showing large profits and saying investors' money was safe.
3. What really happened: He raised about $11.2 million from more than 60 investors in states including California, New Jersey, Iowa and Wisconsin. He lost or misappropriated more than $8 million, according to prosecutors, and spent about $900,000 on business and personal expenses, including a Corvette and a luxury SUV.
4. Safety as the hook: Prosecutors said Wurl specifically promised investors their money was safe because that was a key concern for them.

The government froze about $3.4 million in Ludiera and Wurl assets for victims. Ludiera is now defunct.

The person sentenced

Nick Wurl, 27 at sentencing, of Chicago [1]

• Arrest (May 26, 2015): released on bond [2].
• Indictment (June 23, 2015): wire fraud.
• Plea (2016): pleaded guilty to one count of mail fraud.
• Sentence (May 9, 2017): 108 months in prison and about $9.2 million in restitution, imposed by U.S. District Judge John Z. Lee.
• Investigation: FBI Chicago, with help from the CFTC and the SEC.

Red flags

• "Extraordinary" profits in a low-margin business like grain trading.
• Repeated assurances that your money is "safe" in a trading venture.
• Bank records or statements supplied only by the manager.

What to do if you're targeted

1. Check registration with the NFA's BasicNet and the SEC's adviser database.
2. Ask for audited financial statements and confirm the auditor exists.
3. Report suspected commodities fraud to the CFTC at cftc.gov/complaint.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Nick Wurl, Chicago	N.D. Ill. (Judge Lee)	Arrested May 26, 2015; pleaded guilty to mail fraud in 2016; sentenced May 9, 2017, to 108 months; ~$9.2M restitution	[1], [2]

The sentence was imposed in 2017; we have not found a source on any later proceedings.

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "Chicago Trader Sentenced to Nine Years in Prison for Defrauding Investors out of More Than $9 Million," May 9, 2017. https://www.justice.gov/usao-ndil/pr/chicago-trader-sentenced-nine-years-prison-defrauding-investors-out-more-9-million
2. U.S. Attorney's Office, Northern District of Illinois, "Chicago Man Indicted For Fraudulently Obtaining Approximately $9 Million From Investors," June 24, 2015. https://www.justice.gov/usao-ndil/pr/chicago-man-indicted-fraudulently-obtaining-approximately-9-million-investors

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