[maggief]

http://www.google.com/hostednews/ap/article/ALeqM5i2t34qNnq_O384mqlTUUJTNv_YtwD95IMCC80

Charles G. Martin, 43, of Glencoe, Ill., and Malibu, Calif., was arrested Tuesday night in the Los Angeles area, and John E. Walsh, 60, of Lake Forest was picked up Wednesday morning on a criminal complaint charging them with wire fraud.

A court order closed their One World Capital Group LLC in December 2007 and froze its last $636,815 of assets. The two men operated a “Ponzi-like” scheme diverting money out of customer accounts and into their pockets, prosecutors said.

The criminal complaint was filed in U.S. District Court on Tuesday.

One World was formed in 2005 and had offices in Winnetka and New York, prosecutors said. Martin and Walsh misled customers and federal regulators to conceal the fact that they siphoned off money customers thought was being used for currency trades.

Credit card and bank records show Martin spent more than $1 million at a strip club and restaurants, nearly $1 million at hotels and $1 million renting private jets, prosecutors said. He also purchased a fleet of luxury vehicles, donated hundreds of thousands to celebrity charity events and hired bodyguards, they said.

Walsh allegedly used his One World credit card to charge personal expenses including $140,000 worth of jewelry.

Bank records also show the two men dipped into company funds to finance an unreleased movie, “Order of Redemption,” for which Martin was listed as a contributing producer, according to an affidavit attached to the criminal complaint. It said they sank $569,000 into the movie.

[STARWISE]

Winnetka is an upscale bedroom community of Chicago. They gave the max for 2007 to the O-man.

Charles Martin » IL » Winnetka

Contributor	Candidate or PAC	Amount	Date	FEC Filing
Martin, Charles Winnetka, IL 60093 One World Capital Group/Finance	OBAMA, BARACK (D) President OBAMA FOR AMERICA	$2,300 primary	04/20/07
Martin, Charles G. Mr. Winnetka, IL 60093 Martin-Walsh Management/President	NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE (R)	$1,000 primary	09/25/06
Martin, Charles G. Mr. Winnetka, IL 60093 Martin-Walsh Management/President	NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE (R)	$1,000 primary	08/18/06
Martin, Charles G Mr. Winnetka, IL 60093 Martin-Walsh Mgmt./President	NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE (R)	$500 primary	01/16/06
Martin, Charles G Mr. Winnetka, IL 60093 Martin-Walsh Mgmt./President	NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE (R)	$500 primary	12/27/05
Martin, Charles G Mr. Winnetka, IL 60093 Martin-Walsh Mgmt./President	NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE (R)	$500 primary	12/14/05
Martin, Charles G Mr. Winnetka, IL 60093 Martin-Walsh Management/President	NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE (R)	$500 primary	11/28/05
Martin, Charles G Mr. Winnetka, IL 60093 Martin-Walsh Management/Owner	NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE (R)	$1,000 primary	10/06/05
Martin, Charles G Mr. Winnetka, IL 60093 Martin-walsh Management/President	NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE (R)	$500 primary	09/01/05
Martin, Charles G Mr. Winnetka, IL 60093 Martin Walsh Management Llc/Preside	NATIONAL REPUBLICAN CONGRESSIONAL COMMITTEE (R)	$500 primary	08/31/05

[jaydubya2]

"Credit card and bank records show Martin spent more than $1 million at a strip club and restaurants, nearly $1 million at hotels and $1 million renting private jets, prosecutors said. He also purchased a fleet of luxury vehicles, donated hundreds of thousands to celebrity charity events and hired bodyguards, they said."

And the rest he just plain wasted...