GULFPORT, Miss. (AP) – An Ocean Springs man has admitted defrauding his investment clients out of more than $1 million.
U.S. Attorney Gregory K. Davis, in a news release Friday, said 58-year-old Eduardo Guillermo Diaz pleaded guilty Tuesday before U.S. District Judge Louis Guirola, Jr., to one count of mail fraud.
Diaz represented that he was providing services to his clients as an investment advisor when, in fact, he converted their funds to his own personal use. Diaz also used new investor’s monies to pay alleged dividends and make repayments or refunds to previous investors while, at the same time, deceiving and lulling his clients into believing that the funds were properly and legitimately invested.
Diaz faces up to 20 years in prison and a $250,000 fine. Sentencing is set for June 21.