Curtis D. Somoza, 40, of Los Angeles, pleaded guilty Wednesday to federal charges of conspiracy, six counts of mail fraud, four counts of wire fraud and eight counts of money laundering in a Ponzi scheme that bilked some 70 investors out of $65 million. Somoza faces as much as 285 years in prison. He has also agreed to forfeit $64 million in proceeds. The fraud involved complicated bond instrument investments in life insurance pools that promised as much as 25 percent returns. Somoza's accomplice in the scheme, Robert A. Coberly, Jr., already pleaded guilty in the case. The case was originally brought by the SEC.
See the story here and here.
See the SEC complaint here.
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