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Nov 24, 2009 2:36 pm US/Eastern
Weston Man Pleads Guilty To Penn. Ponzi Scheme
HARRISBURG, Penn. (CBS4) ―
Federal authorities in Pennsylvania announced that 39-year-old Sean Healy of Weston pled guilty on Tuesday to two counts of wire fraud and one count of unlawful monetary transactions while running a $20 million Ponzi scheme.
Healy allegedly spent the money on a waterfront mansion in Weston, jewelry, and exotic sports cars. Healy's case was in Pennsylvania because most of the money involved in the Ponzi scheme came from Pennsylvania investors.
Healy's attorney said Healy will try to take every measure he can to make it up to the investors. But, attorney William Costopoulos said Healy may be responsible for only $10 million to $15 million in losses from the Ponzi scheme.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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