Ex-Real Estate Mogul Cops Plea Over $76M Ponzi Scheme

Law360, New York (December 22, 2011, 7:53 PM EST) -- A former New Mexico real estate magnate accused of bilking 600 investors out of more than $76 million in a Ponzi scheme reached a plea agreement with federal prosecutors on Wednesday, admitting to two counts of wire fraud and mail fraud.

Douglas F. Vaughan, CEO of now-defunct Vaughan Co. Realtors, had been charged with three counts of wire fraud, 17 counts of mail fraud, five counts of money laundering and five counts of falsifying documents filed with the U.S. Securities and Exchange Commission, according to an...
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