A Fremont woman has pleaded guilty to defrauding about two dozen investors of $3.1 million.
Under a plea agreement, Nimfa Montes Beredo, 39, pleaded guilty Thursday to wire fraud, credit card fraud and money laundering before a U.S. judge.
Beredo admitted that from January 1997 through February 2003 she convinced people to provide her with money by falsely claiming she was going to purchase airline tickets in bulk at a discounted rate.
Beredo told them she would resell those tickets at a higher price and share the profits.
Instead, she used the money for her own benefit and to pay off earlier investors in her scheme, authorities said.