Ex-Real Estate Exec Cops To $18M Ponzi Scheme

Law360, Chicago (February 16, 2012, 2:40 PM EST) -- A former real estate investment businessman admitted Thursday that he had helped operate a Ponzi scheme that fraudulently raked in $18 million from more than 300 investors, copping to the fraud in Illinois federal court under a plea deal with prosecutors.

Frank Constant, 58, pled guilty before U.S. District Judge Gary Feinerman to one of the seven counts of wire fraud he faced, a charge that carries a maximum prison term of 20 years. He also agreed to pay restitution, estimated to be $14.4 million owed...
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