MINNEAPOLIS (WCCO) – A 67-year-old Minneapolis man pleaded guilty Tuesday in U.S. District Court to stealing more than $2 million from investors in an alleged start-up of a television network.
Colin Alexander Chisholm stole more than $2.1 million from at least 38 investors in the case, according to court documents. He pleaded guilty to one count of mail fraud in the case.
According to the plea agreement, Chisholm formed the Caribbean Television Network in 2004 to broadcast satellite television throughout the Caribbean and solicited money from investors. He told investors throughout the scheme he was on the verge of securing between $20 million and $100 million in funds to start broadcasting, and their investment was serving as interim financing.
Court documents state Chisholm lied to investors about the progress and viability of the main funding for the network. He also lied to investors about his personal background, saying he was the grandson of Hugh J. Chisholm, Jr., and William Chisholm of the Oxford Paper Co. In claiming the ties, he lied to investors that he came from family wealth.
Chisholm also falsely claimed to have ties to the deceased brother of former President George H.W. Bush.
The plea also states he lied to investors about his professional background, claiming he was a vice president for Turner Program Services and had a relationship with Ted Turner. He told investors he was involved in the development and launch of CNN, CNN Headline News and in writing the business plan for CNN.
Chisholm and his wife, Andrea, made national headlines a few years back after being accused of collecting welfare while living on a luxury yacht.