Crystal Lake man gets 4½ years in federal prison for $8M Ponzi scheme

Crystal Lake man gets 4½ years in federal prison for $8M Ponzi scheme

A Crystal Lake man who pleaded guilty in federal court to defrauding investors out of more than $8 million was sentenced Thursday to 54 months in prison.

Nearly 5 years in federal prison for ‘serial fraudster’ from Crystal Lake who stole over $8M in Ponzi scheme

Alan J. Hanke, 61, of Crystal Lake. A judge on Thursday sentenced a Crystal Lake man, described as a “serial fraudster,” to nearly five years in federal prison after he pleaded guilty in an $8 million Ponzi scheme. Alan J. Hanke, 61, of Crystal Lake, pleaded guilty in June 2024 to conspiracy to commit securities fraud for his role in misappropriating more than $8 million as part of a Ponzi scheme, according to the U.S. Attorney’s Office for the …