Created: Wed, 25 Jun 2014 01:15:24 EST
Updated: Wed, 25 Jun 2014 01:15:24 EST
NEWARK, N.J. (AP) — A Georgia business owner has pleaded guilty in New Jersey to defrauding investors of more than $800,000.
New Jersey's U.S. attorney's office says Ronnie Singleton held himself out to be a financier looking to fund real estate deals through his company Wonder World Inc.
Prosecutors say the 41-year-old resident of Lithonia, Georgia, claimed he would finance the real estate deals through a "European" system of financing that involved leasing financial instruments. Federal authorities say Singleton instead used the investors' money for his own benefit.
Singleton pleaded guilty on Tuesday in federal court in Newark, New Jersey, to a count of conspiring to commit wire fraud.
He could face up to 20 years in prison and a fine at his Sept. 30 sentencing. Charges are pending against a co-defendant.