Sentinel CEO, trader indicted for fraud CHICAGO, June 1 (UPI) -- The chief executive officer and lead trader of Sentinel Management Group were indicted for an alleged $500 million fraud plan, the U.S. Justice Department said. CEO Eric Bloom and lead trader Charles Mosley allegedly defrauded more than 70 customers of more than a half-billion dollars before the firm collapsed in August 2007, the Justice Department said Friday. The defendants allegedly used securities belonging to customers as collateral for a loan Sentinel got that was partially used to purchase millions of dollars worth of high-risk, illiquid securities for a trading portfolio maintained for the benefit of Sentinel's officers, including Mosley, Bloom, some of Bloom relatives and corporations controlled by the Bloom family, the Justice Department said. Their alleged fraud occurred between January 2003 and August 2007. Bloom and Mosley each were charged with 18 counts of wire fraud, one count of securities fraud and one count of making false statements to an employee pension plan in an indictment returned by a federal grand jury Thursday. The indictment seeks forfeiture of more than $500 million.