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Wisconsin man accused Pleas deal in big Ponzi plans



  Wisconsin Man Accused and Pleaded in Large Ponzi System Copyright 2016 The Associated Press. All rights reserved. This material may not be published, transmitted, rewritten or redistributed.

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MADISON, Wis. – A Wisconsin businessman accused of running a multi-billion dollar says he will plead guilty in federal court.

The State Journal reports that in a plea agreement, the 61-year-old Patrick O'connor is required by Waunakee to plead guilty to having committed a fraud and a sum of money washing each charge is given a maximum sentence of up to 20 years in prison.

The authorities say O & Connor has taken money from people who believe that he would invest it in securities for them, instead spending it on real estate, personal property and alleged dividends to other investors.

O & Connor served as Madison Financial Services LLC, which was not registered with a government regulatory agency. The prosecution says O & Connor has taken nearly $ 12.5 million from investors, most of whom never invested in their clients.

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