Local attorney disbarred after pleading guilty to Ponzi scheme
February 7, 2012 by James
A buffalo Grove attorney who used addresses in Deerfield and Arlington Heights is prohibited from practicing law in Illinois. The Illinois Attorney Registration and Disciplinary Commission revoked Roy D. Kessel’s law license in January after learning that he duped almost 100 clients out of $1.9 million in a “Ponzi scheme.”
Starting in November 2007 and continuing for about one year, Kessel reportedly participated in a scheme in which he and others advised clients to invest in AG Capital Partners, LLC, a New Mexico company that also called itself the Omicron Group, according to Meriel Coleman, a representative of the Illinois Attorney Registration and Disciplinary Commission,
The 47-year-old Kessel pleaded guilty to felony conspiracy to commit wire fraud in U.S. District Court in California. The California charges said investors failed to receive the guaranteed 15 percent annual return on their investment. Instead, Kessel and others, created fictitious returns through password-protected Internet accounts with the intention of convincing investors that Omicron was profitable and was therefore a solid investment.
Kessel claimed that his Deerfield office was located at 655 Deerfield Road, Suite 100. The fabricated address turned out to be a rented post office box at a Federal Express store, according to a Kessel Law Group employee.
It’s highly unlikely Kessel will require any business card printing services for the foreseeable future. He is scheduled to be sentenced on October 29th in U.S. District Court of California. Kessel earned a law degree at the Northwestern University School of Law.