Feds: Fla. man pleads guilty in $20M Ponzi scheme
HARRISBURG, Pa. (AP) – A Florida man is facing up to 50 years in prison for running what prosecutors say was a $20 million Ponzi scheme he used to finance a life of luxury.
Federal authorities in Pennsylvania said Sean Healy pleaded guilty to two counts of wire fraud and one count of unlawful monetary transactions. The 38-year-old Healy pleaded guilty Monday in Harrisburg.
Prosecutors say he promised to buy securities for the investors, but instead spent the money on a waterfront mansion in Weston, Fla., jewelry and exotic sports cars. The bulk of the money came from investors in Pennsylvania.
Some of those assets were seized as a result of government lawsuits filed in July. The federal grand jury investigation began in March after an investor filed a federal civil suit in Florida.