Man Pleads Guilty to Phony Bond Scheme
From Times Wire Reports
A former Clovis businessman accused of bilking millions from investors by selling worthless 19th century railroad bonds has pleaded guilty to money laundering, wire fraud and conspiracy.
Michael A. Huxley pleaded guilty to four felony counts of a 20-count indictment. Prosecutors allege Huxley sold the bonds with partner Eric L. Swanberg to 500 investors nationwide, promising returns of 300% to 500% within 12 months.
Huxley was arrested in April after he returned from Paris, where he had been living for more than three years.
