MINNEAPOLIS, MN — Colin Alexander Chisholm, a 67-year-old accused of orchestrating a $2.1 million investment fraud involving a fictional television network startup, has pleaded guilty to mail fraud charges. United States Attorney Andrew M. Luger announced the plea before U.S. District Chief Judge John R. Tunheim in Minneapolis.
“Chisholm’s lies and deceit have left investors robbed of their hard-earned money,” said Minnesota Commerce Commissioner Mike Rothman. “His sentence will serve as a stern reminder to those who think they can get away with swindling innocent people.”
The defendant, Chisholm, told investors that his company, The Caribbean Television Network, Inc., (TCN), was on the brink of securing massive funding for satellite television broadcasting in the Caribbean. He promised investors’ money would provide interim financing. However, it was all a fabrication.
In addition to fabricating his professional background, Chisholm claimed false lineage and ties to influential families, further misleading investors about his supposed wealth and connections. According to court documents, he falsely claimed to have been involved in the development of CNN.
The investigation into Chisholm’s scheme was led by the Minnesota Department of Commerce Fraud Bureau and the United States Postal Inspection Service. Assistant United States Attorney Lola Velazquez-Aguilu is prosecuting this case.
Chisholm has been charged with one count of mail fraud, which carries a minimum sentence of 5 years in prison. His guilty plea and impending sentence underscore the determination of federal authorities to protect investors from such scams.
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Key Facts
- State: Minnesota
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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