A federal criminal complaint unsealed today charges Hernandez with one count of wire fraud.
According to the complaint, Hernandez was responsible for managing an estimated $66 million investment portfolio of a Mexican businessman and his family. The complaint alleges that from 2005 to 2014, Hernandez had not invested his clients’ money like he had agreed to, but instead spent their money to purchase homes, planes and other assets for his personal use.
Hernandez had his initial appearance in federal court this morning and detained without bond pending a detention hearing scheduled for 3:30pm on March 13, 2015, before United States Magistrate Judge John Primomo. Upon conviction, Hernandez faces up to 20 years in federal prison.
This investigation was conducted by special agents from the FBI and the Internal Revenue Service-Criminal Investigation. Assistant United States Attorney Greg Surovic is prosecuting this case on behalf of the Government.