Man Pleads Guilty in Mail Fraud
A man from Mission Viejo pleaded guilty Monday to two counts of a 16-count federal indictment for mail fraud.
Glen Wambheim, 50, admitted forming the Multiply Enterprises investment firm to defraud at least 68 people of $1.2 million since 1983. The money was deposited in banks in Irvine and Hatton, N.D., officials said.
U.S. District Judge Paul Benson scheduled sentencing for the week of July 20 in Fargo. At that time, Benson said he would consider dismissing the 14 other counts.
Wambheim faces five years in prison and a $250,000 fine on each of the two counts to which he pleaded guilty, according to the U.S. attorney’s office.
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