David Hernandez: Feds Issue Arrest Warrant For Missing Chicago Sports Webio Backer

07/18/2009 05:12 am ET | Updated May 25, 2011

Federal prosecutors issued an arrest warrant Wednesday for David Hernandez, the missing financial backer of the online sports radio site Chicago Sports Webio launched by Mike North.

Hernandez, 48, has not been seen since Monday, when the Securities and Exchange Commission filed a lawsuit alleging that he bilked investors out of more than $11 million. On Wednesday, the U.S. Attorney's office in Chicago charged Hernandez with mail fraud in connection with a ponzi scheme.

Hernandez, of Downers Grove, is on the run and the subject of a nationwide manhunt. The Tribune reported Wednesday that Hernandez called one of his lawyers Wednesday morning and told her he was "OK." A Downers Grove police sergeant doubted Hernandez was still in town and told the Tribune that the call was likely intended to throw them off his trail.

Read the federal complaint:

This Fox Chicago report has more background on the case:

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