Florida Man Pleads Guilty in $20 Million Ponzi Scheme
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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.
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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.