Kenneth Dachman, of Glencoe, faces up to 20 years in federal prison when he is sentenced in December, after pleading guilty to 11 counts of wire fraud that funneled millions of invested cash, meant for a Northbrook sleep clinic, into his lavish lifestyle, the Chicago Sun-Times reports. He also faces fines up to $250,000 and must pay restitution.
He was indicted on 11 counts of wire fraud in connection with two Northbrook businesses and one Lake Forest company, according to a press release from the U.S. Department of Justice.
"I choose to admit my guilt," Dachman stated in a plea declaration filed with the court, "to being accountable for soliciting money from investors on the premise and condition that the money would be directed to the startup and nurturing of the business (Central Sleep) when in fact the majority of the money went to my personal benefit," the Chicago Tribune reports.
Dachman was dubbed a "serial financial predator", the Tribune reports, after the discovery of Dachman's pattern of creating a business, finding investors, using the money for personal use, declaring bankruptcy to avoid debt repayment and then repeating the cycle with a new business.