James Risher is charged in Tampa federal court with bilking $16 million from Polk County investors.
Written by
The Associated Press
TAMPA, Florida (AP) - A Florida man previously convicted of fraud has pleaded guilty to new charges involving a $21 million Ponzi scheme.
Federal prosecutors in Tampa say 61-year-old James Davis Risher of Sanibel pleaded guilty Monday to mail fraud and money laundering charges. Risher faces up to 50 years in federal prison.
See Also: Ponzi scheme costs Polk residents millions
Court documents say Risher lured at least 106 investors into a fake account called "The Preservation of Principal Fund." Prosecutors say Risher used false reports making it appear the fund was profitable. In fact, he was using money from new investors to pay off older ones.
Prosecutors say Risher used more than $12 million in investor money to buy jewelry, art, cars, real estate and to take trips.
Risher previously was imprisoned for a securities fraud conviction out of Fort Myers.
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