Chicago Investment Manager, Marcus Beam Detained in Indonesia and Returned to Chicago to Face Federal Fraud Charges
CHICAGO (STL.News) A Chicago investment manager who fled the country after being charged in a fraud scheme has been returned to the United States from Indonesia.
MARCUS BEAM was indicted in January 2020 on charges he fraudulently obtained money from women he met online. According to the indictment, Beam falsely claimed to the women and other investors that their funds would be invested in stocks such as Uber and Lyft. Beam instead spent the money for his own personal benefit, including rent, auto loans, and retail purchases, resulting in a loss to investors of at least $500,000, the indictment alleges.
Beam, 50, of Woodridge, fled the United States after being released on bond in January 2020. The U.S. Marshals Service located Beam in Bali, Indonesia, and he was detained there in July 2020 on an INTERPOL Red Notice by the Indonesia National Police, National Central Bureau, and INTERPOL. On Jan. 27, 2021, Beam was deported from Indonesia and returned in custody to Chicago. He pleaded not guilty to ten counts of wire fraud and mail fraud during his arraignment Wednesday afternoon before U.S.