Government Obtains Guilty Plea in Alleged $40 Million Ponzi Scheme
51-year-old Brian Keith Coats has pleaded guilty to conspiracy to commit fraud and money laundering conspiracy in connection with an alleged Ponzi scheme that is said to have cost investors about $40 million. Federal prosecutors claim that Mr. Coats first recruited people to serve as hedge fund managers for a company that solicited investments based on false information. Then, he is accused of putting money from investors into a cash account rather than investing it as promised.Mr. Coats is the seventh person to be arrested in relation to this alleged investment scam, and he faces up to 15 years in prison.
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