A New Jersey man pleaded guilty Friday to two counts of fraud evasion for running a multi-million dollar Ponzi scheme.
According to a statement released by the Federal Bureau of Investigation, George Sepero and his pair of conspirators claimed to run a series of hedge funds in New Jersey to lure investors that ultimately misappropriated $3.5 million for personal use.
Sepero’s conspirators, Carmelo Provenzano and Daniel Dragan, also pleaded guilty to charges in an earlier court date.
One of the trio’s victims includes an elderly, disabled widow who lost her life savings in the scheme.
Sepero faces a sentence of 20 years and a fine of $250,000 for the charges.