A Miami man admitted to defrauding 115 victims of more than $5 million over the course of several years, the U.S. Attorney’s Office said.
Juan Carlos Rodriguez, 49, pleaded guilty to committing wire fraud before U.S. District Judge William Dimitrouleas on Thursday, officials said.
The attorney’s office said Rodriguez solicited money from his friends and colleagues for his company, MDN Financial Group, Inc., located in Coral Way. Rodriguez would allegedly tell his investors the money would be invested in stocks, bonds and other securities, officials said.
He promised investors their full investment would be returned after six months or one year as an enticement and guaranteed large monthly payments, the attorney’s office said. The money, though, would never be invested and would instead be used for Rodriguez’s personal benefit, the agency said.
Eventually Rodriguez could no longer afford to make the monthly payments to investors, and failed to send any payments of paid under what was owed, officials said.
Rodriguez will be sentence in August and could face up to 20 years in prison and mandatory restitution to his victims, a release said.
The name of his attorney was not immediately known.