Florida Man Pleads Guilty in $20 Million Ponzi Scheme

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 39-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.

Healy's lawyer William Costopoulos says Healy is willing to take every measure he can to make the investors whole.

But Costopoulos says Healy may only be resposible for $10 million to $15 million in losses.