WexTrust Saga Nears End with Pleas and Sentences

Founded in 2003, WexTrust Capital presented itself as a globally diversified private equity company specializing in investments in real estate and other opportunities. The company was headquarted in Chicago, Illinois, with offices in New York, New York; Norfolk, Virginia; Atlanta, Georgia; Boca Raton, Florida; Nashville, Tennessee; Tel Aviv, Israel; and Johannesburg, South Africa. WexTrust Capital was affiliated with several companies of a similar name, including WexTrust Securities, LLC, a broker-dealer registered with the Securities and Exchange Commission.
Shell Games
Beginning in 2003, Byers, Joseph Shereshevsky (a principal and the former Chief Operating Officer of WexTrust Capital) and others, raised money from investors pursuant to private placement offerings.  So far so good. However – and this is the big “but” – substantial amounts of those raised funds were diverted to purposes other than those for which the investments were solicited. 

http://blogs.forbes.com/billsinger/2011/04/13/wextrust-byers-shereshevsky/