Chicago Investment Manager, Marcus Beam Detained in Indonesia and Returned to Chicago to Face Federal Fraud Charges
CHICAGO (STL.News) A Chicago investment manager who fled the country after being charged in a fraud scheme has been returned to the United States from Indonesia.
MARCUS BEAM was indicted in January 2020 on charges he fraudulently obtained money from women he met online. According to the indictment, Beam falsely claimed to the women and other investors that their funds would be invested in stocks such as Uber and Lyft. Beam instead spent the money for his own personal benefit, including rent, auto loans, and retail purchases, resulting in a loss to investors of at least $500,000, the indictment alleges.
Beam, 50, of Woodridge, fled the United States after being released on bond in January 2020. The U.S. Marshals Service located Beam in Bali, Indonesia, and he was detained there in July 2020 on an INTERPOL Red Notice by the Indonesia National Police, National Central Bureau, and INTERPOL. On Jan. 27, 2021, Beam was deported from Indonesia and returned in custody to Chicago. He pleaded not guilty to ten counts of wire fraud and mail fraud during his arraignment Wednesday afternoon before U.S. Magistrate Judge Heather K. McShain in Chicago.
The arraignment was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; William Hedrick, Inspector-in-Charge of the U.S. Postal Inspection Service in Chicago; Jeffrey A. Monhart, Regional Director of the Chicago Regional Office of the U.S. Department of Labor, Employee Benefits Security Administration; Tanya Solov, Director of the Illinois Securities Department of the Illinois Secretary of State; and David Gelement, Chief Deputy U.S. Marshal. The government is represented by Assistant U.S. Attorney Jacqueline Stern.
The officials acknowledged the substantial assistance of the news media whose coverage generated leads prior to Beam’s apprehension in Indonesia. The officials also acknowledged the substantial assistance of the Indonesian National Police, National Central Bureau, INTERPOL, the Directorate General of Immigration, and the Bali Regional Police. The Justice Department’s Office of International Affairs provided assistance in securing the defendant’s return from Indonesia.
The public is reminded that an indictment is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt. Each count in the indictment is punishable by up to 20 years in prison. If convicted, the Court must impose a reasonable sentence under federal statutes and the advisory U.S. Sentencing Guidelines.