Former brokerage CEO pleads guilty in Los Angeles real estate investment scam



We also have more stories about:
(click the phrases to see a list)

Subjects:

Places:

 


LOS ANGELES — The former president of a Los Angeles brokerage firm has pleaded guilty to federal charges stemming from a real estate scam that cost investors nearly $4 million.

Prosecutors say 54-year-old David Williams of Los Angeles directed workers at Morgan Peabody Inc. to sell securities in a fund he created, purportedly to invest in real estate.

However, Williams said in a plea agreement Monday that he used the majority of investor's money to pay for personal expenses, including a lease on a $6 million home.

The guilty plea came in the midst of a jury trial on three counts of wire fraud and two counts of tax evasion.

Williams will be sentenced in September and faces up to 70 years in federal prison.

All content copyright ©2015 Daily Reporter, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Click here to read our privacy policy.
Daily Reporter • 22 W. New Road • Greenfield, IN 46140 • (317) 462-5528