Jamie Campany made a business of getting people to buy gold and other precious metals, but it was the fool's gold he was allegedly selling investors that could land him in prison.
Campany, 47, pleaded guilty Friday to one count of wire fraud and one count of mail fraud for his role in a $30 million Ponzi scheme that victimized 1,400 investors.
He faces 20 years in prison, but is cooperating with authorities on other investigations, Chris Bruno, Campany's attorney, said.
Campany was the founder of Global Bullion Exchange, a South Florida business that marketed purchasing precious metals and gold for customers to be stored in secure locations around the world.
Campany admitted in court to inappropriately using the money he received from people and he never intended on buying the metals, prosecutors said.
Global Bullion Exchange collapsed in 2009.
Bruno said his client is "working diligently to help investors recoup thier investments."