A real estate developer and mortgage broker has pleaded guilty in California for his role in a $50 million securities scam.
The U.S. attorney’s office says Bradley Holcom entered a plea to wire fraud on Thursday in San Diego federal court. He faces up to 20 years in prison.
Prosecutors say the Canby, Oregon, man bilked investors around the country who provided money for development deals.
Holcom acknowledged that he falsely told investors they’d receive liens on the property and could foreclose if he didn’t repay them.
Prosecutors say Holcom also sold properties that supposedly were serving as security for investors.