Stephen Michael Alexander, 59, of Villanova, Pennsylvania, pleaded guilty Tuesday to charges he operated a Ponzi-type investment fraud scheme that bilked investors out of as much as $12 million. Alexander reportedly posed as a hedge fund manager to potential investors, but used investment funds to enrich himself and pay personal expenses while providing false monthly financial statements to his clients. According to the criminal complaint, Alexander promised investors returns of as much as 38 percent. He faces up to 60 years in prison plus a $1 million fine for the two counts of wire fraud and one count of money laundering he plead to upon sentencing which is scheduled for June 16th.
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