BATON ROUGE, La. -- A Louisiana man has pleaded guilty to two counts of mail fraud for executing a $13 million investment fraud scheme that included victims in Louisiana, Mississippi, Texas and Florida.
The Advocate reports (http://bit.ly/1m41vok ) 59-year-old James R. Holdman, of Baker, Louisiana, entered the plea Friday in federal court in Baton Rouge.
In return for Holdman's guilty pleas, prosecutors agreed to dismiss 16 additional counts of mail fraud.
U.S. District Judge James J. Brady has not set a sentencing date. Each of the mail fraud counts carries a possible 20-year prison term and fine of $250,000.
Prosecutors say from February 2008 to October 2008, Holdman falsely represented to the victims that their investments were earning positive rates of return when, in fact, he had lost more than 98 percent of their funds.