(KMSP) - A Minnesota millionaire convicted of welfare fraud is now facing federal charges for stealing more than $2 million from investors by lying to them about a startup television network in the Caribbean.
Starting in 2004, Colin Chisholm, the self-proclaimed Scottish heir who called himself “Lord Chisholm,” used a fraudulent Caribbean Television Network he formed to solicit funds from investors.
According to the criminal complaint, the 64-year-old claimed he helped launch CNN and was friends with former President George H.W. Bush's dead brother, Prescott and is the grandson of Oxford Paper Company founder Hugh Chisholm. Prosecutors say these were all claims to get money for his fake startup.
Chisholm is charged with seven counts of wire fraud and six counts of mail fraud. He made his first court appearance Friday.
Chisholm and his wife, Andrea, were convicted last year for receiving more than $165,000 in public assistance from programs designed to help the poor. The alleged welfare fraud occurred over a seven-year period, from 2005 to 2012, while the couple had $3 million in their bank accounts and owned a luxury yacht and several homes.
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