Monday, May 7, 2012
Mini Madoffs, Nelson Grant Hallahan and Janet Hallahan Captured
The Hallahans were also known as the `Mini Madoffs.' According to authorities, their investment scams involving family, friends, and the elderly, ruined many lives. Apparently the agency received a tip about their location after they were featured on "America's Most Wanted." The couple had plead guilty in Illinois federal court to bank and mail fraud, conspiracy charges, and money laundering; however, they never showed up for their sentencing.
Apparently the Hallahnas had operated a Ponzi scheme, repaying earlier investors with proceeds from new investors. They also apparently defrauded investors by selling interests in a tanning salon they later sold without telling investors. The couple allegedly netted millions of dollars from victims. Nelson Hallahan was at one time a successful life insurance salesman. Janet Hallahan was his assistant. The couple had been married since 1988. However, somewhere down the road things all went wrong. The Hallahans owed nearly $1.2 million to investors at the time they disappeared. The Hallahans were living apart at separate homes at the time of their arrest.