Half Of Convicted 'Yacht Couple' Indicted On Further Fraud
MINNEAPOLIS (WCCO) -- The man who called himself a Scottish Lord and stole thousands of dollars in welfare funds faces new charges. Colin Chisholm is charged with stealing more than $2 million from investors.
He and his wife, Andrea, were sentenced for welfare fraud last January. The couple collected benefits while living in a mansion in Deephaven and on a million-dollar yacht in Florida
Colin Chisholm kept his head down as he walked out of St. Paul Federal Court. The 64-year-old was indicted on charges of wire and mail fraud.
Prosecutors say he convinced people to invest in a TV network start-up, the Caribbean Television Network or TCN. The indictment says Chisholm lied about his family background and business ties to lure people in. And in the process stole more than $2 millon from investors, laundering the money for his own use.
People who entrusted their money to Chisholm were well-known and well-respected businessmen like Ben Oehler and retired Army General Bob Shadley. WCCO's Esme Murphy spoke to them about the alleged fraud last year.
"I invested in what I considered a viable new business startup albeit very speculative," Shadley said in 2014.
Oehler said, "Colin had a wonderful vision to bring great news and information to the Caribbean. We all believed in it."
Shadley invested $25,000, Oehler invested $128,000. Both men later admitted they were duped.
"I think it is absolutely abhorrent," Shadley said.
"This guy was really good," Oehler said.
Chisholm made national headlines in January when he was sentenced to 21 months in prison for Welfare Fraud. The man who presented himself as Scottish royalty, along with his wife Andrea, collected welfare checks meant for Minnesota's poorest while living in this lavish lake front mansion and spending time on their million dollar yacht.
He had been released early before today's re-arrest. Chisholm didn't answer when asked if he had anything he wanted to say to investors.
In court Chisholm said he is currently a temp, working a 40-hour week, making $11 an hour. He said the only thing of value he owns is the 1999 Saab he was picked up in.
As a condition of Chisholm's release he must wear an electronic monitoring device and abide by a curfew. He will be back in court next month.