Chicago financial advisor charged in nearly $1.5M movie investment scheme

CHICAGO - A Chicago financial advisor accused of convincing her clients to invest nearly $1.5 million in her movie production company has been federally charged. 

Helen Caldwell, 58, was charged Thursday with wire fraud, according to the U.S. Attorney's Office. 

Caldwell was working for a bank as a senior financial advisor when she created "Canal Productions LLC" to produce movies. 

She reportedly convinced several of her bank clients, some of whom were elderly, to invest in her company from 2014 to 2023. 

Instead of using those funds for her movie productions, the U.S. Attorney's Office says she utilized them for her own benefit. 

Her clients were also persuaded by Caldwell to liquidate their assets to help fund her movie productions. 

Ultimately, she defrauded three of her clients out of $1,480,500, officials say. 

If convicted on the charge, Caldwell could be sentenced up to 20 years in federal prison. Her arraignment has not been scheduled yet.