Jeweler Admits To Securities Fraud, Conspiracy

Law360, New York (September 23, 2010, 6:56 PM EDT) -- A Florida jeweler has admitted to bilking three dozen investors out of some $40 million in a Ponzi scheme that promised high returns on investments purportedly secured by pawn shop diamonds.

Luis Felipe Perez pled guilty in the U.S. District Court for the Southern District of Florida on Thursday to one count of securities fraud and one count of conspiracy to commit bank fraud in connection with a three-year scheme that defrauded 36 investors.

Perez faces a maximum of 30 years in prison and $1 million...
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