Bond in Ponzi case revoked
ROCKFORD – A Woodstock man awaiting sentencing for his role in a $7 million Ponzi scheme is in federal custody without bond after a judge questioned whether he would show up for future court dates.
Francis X. Sanchez appeared for a hearing Friday in the Rockford federal court, and U.S. District Judge Philip G. Reinhard revoked his bond.
“The judge indicated that he had some concerns about whether Mr. Sanchez would appear at further court proceedings,” Assistant U.S. Attorney Scott Verseman said. “He also was concerned if Mr. Sanchez was accepting responsibility for his conduct.”
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