Alleged Ponzi Schemer Due In Court
Albuquerque, New Mexico – SANTA FE, N.M. (KRWG) Former Albuquerque real estate executive Doug Vaughan is due in court Wednesday to plead guilty to charges stemming from allegations he ran Ponzi scheme that swindled some 600 investors out of $74 million.
Vaughan's attorney, Amy Sirignano, last week told The Associated Press Vaughan would be changing his plea to guilty in the case, but that details of the agreement were still being worked out.
Vaughan is scheduled to appear in court in Santa Fe Wednesday afternoon.
The change of plea hearing was scheduled just a few weeks after court documents were unsealed showing Vaughan's long-time assistant planned to testify against him.
Victims have been identified in New Mexico, Arizona, Washington, Oregon, New Jersey, Texas and Colorado.
Copyright 2011 The Associated Press. KRWG