A Houston man has pleaded guilty in Utah for his role in a $72 million investment fraud scheme.
Robert Andres, 62, owner of Winsome Investment Trust, pleaded guilty in federal court in Salt Lake City to one count of wire fraud. He faces up to 20 years in prison and a fine of $250,000 when he is sentenced, scheduled for Jan. 7.
Andres made false statements to investors from whom he raised tens of millions of dollars from 2005 until at least January 2011, according to the charges filed in December 2011. He failed to disclose that new investors' funds would be used to pay existing investors in order to make Winsome appear profitable, according to court documents.