The U.S. Attorney's office in Seattle says 30-year-old Jose L. Nino de Guzman's scheme involved fake investment opportunities in Peru under his NDG Investment Group from 2006 until 2009.
Prosecutors say De Guzman raised more than $30 million from over 200 investors. The investments as described to investors did not occur. In 2009, the Washington State Department of Financial Institutions issued a cease and desist order concerning his fraudulent sales of investment opportunities.
De Guzman is scheduled to be sentenced in November. Prosecutors are recommending 12 years of prison. He pleaded guilty on Friday.
This is a developing news story. More information will be posted as it becomes available.