Federal prosecutors say they’ve caught a Chicago investment manager who allegedly fled to Indonesia after being charged with scamming women he met online and other investors out of at least $500,000.
Marcus Beam, 50, of Woodridge, fled the United States after he was released on bond in January 2020, according to the U.S. Attorney’s office. Prosecutors said U.S. Marshals found him in Bali and detained him last July. On Wednesday, he was returned to Chicago.
Prison records show Beam is being held at Chicago’s downtown Metropolitan Correctional Center. He has previously been charged with several counts of wire fraud and mail fraud, and he pleaded not guilty Wednesday before a judge in Chicago.
When Beam missed his arraignment in January 2020, U.S. Magistrate Judge Susan Cox was told his car had broken down in Iowa, records show. When he missed another court appearance a few days later, defense attorney Mary Judge told Cox, “I don’t know where he is, judge, and I don’t expect that he’s going to be here today,” according to a transcript.
Cox immediately issued an arrest warrant at a prosecutor’s request, saying, “this is not acceptable.” Judge told Cox, “I understand.”
Beam allegedly claimed to be the CEO of an investment company known as Chase Private Equity LLC, also known as New World Capital, according to his indictment. He also owned a virtual reality firm known as VR 360 LLC and a brokerage firm known as Imex Energy, it said.
Prosecutors said he exaggerated his financial success and told people he’d invest their money in popular stocks like Uber and Lyft, as well as gold, art and real estate. Instead, he spent it on rent, vehicle loans and by making purchases at Walmart and Ikea, prosecutors said.
