A former Chicago hedge fund manager accused of engaging swindling more than $3.5 million from approximately 48 victims who invested in funds he purported to operate, has turned himself in to federal authorities.

James Brandolino, 42, of Joliet and formerly of Chicago, was charged with mail fraud in a criminal complaint filed in U.S. District Court by U.S. Attorney Patrick Fitzgerald. Prosecutors said he obtained about $4.7 million from 48 high net worth investors since 2003 for purported managed futures trading accounts and a commodity pool investment. He provided about $1.1 million in investor redemptions and allegedly lost roughly half of the total invested funds through trading and misused most of the remaining funds for his own benefit, prosecutors said. Get the full story »