Tuesday, January 5, 2010

SC "Ponzi" Businessman Pleads Guilty

South Carolina businessman, Gene Sullivan admitted Monday in federal court that he spent as much as $1.2 million on himself. This comes after at least 15 years and more than $2.5 million of phony investments stolen from at least 35 people, reports HeraldOnline.com.

Sullivan, 63, a Rock Hill insurance agent and broker for New York Life for more than 30 years, pleaded guilty in Columbia to one count of mail fraud.

He could receive up to 20 years in prison during a sentencing hearing scheduled for April 7 before U.S. District Court Judge Matthew J. Perry Jr., who accepted the plea Monday.

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