SHREVEPORT, La. (AP) — Federal authorities say a northwest Louisiana man has pleaded guilty to wire fraud and accepted a 15-year prison sentence in connection with an investment scheme that drew tens of millions of dollars from victims.
The U.S. Attorney’s Office in Shreveport says 59-year-old David DeBerardinis pleaded guilty Wednesday.
Prosecutors say DeBerardinis claimed to be part of a complex energy industry trading business. But he was not really making fuel trades when he duped a Texas bank into providing more than $40 million in financing for his phony deals.
Prosecutors say Shreveport-area investors lost $50 million to DeBardinis.