Texas solo Michael J. Wing has pleaded guilty to wire fraud in connection with allegations that he bilked more than $7 million from investors by selling them on a phony high-yield investment plan. Wing allegedly spent the money and also paid off earlier investors as part of a Ponzi scheme. He faces up to 20 years in prison and a $250,000 fine in addition to any court-ordered victim restitution.
May 01, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Tyler, Texas, solo Michael J. Wing pleaded guilty to one count of wire fraud on April 24 in connection with allegations that he bilked more than $7 million from investors in a high-yield investment plan. Wing entered his plea before U.S. Magistrate Judge John Love of Tyler.
Wing is in federal custody and could not be reached for comment.
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