SAN FRANCISCO (AP) — A Northern California man has pleaded guilty to running a $20 million Ponzi scheme he used to bilk investors for three decades.
Federal prosecutors say 55-year-old Roberto Heckscher of San Mateo entered his plea Friday in U.S. District Court in San Francisco.
He was accused of taking money he said would be used as loans for businesses and instead using it to pay back interest and principals to other investors.
Prosecutors say Heckscher kept the rest of the money for himself to gamble at Nevada casinos and speculate on the equities and commodities markets.
Under the agreement, Heckscher will pay restitution and face more than 12 years in prison. He is set to be sentenced in May.
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