Michael DiMare cooked up a fake financial deal and stole close to two million dollars.
Starting in 2001, he convinced investors to buy tax free corporate bonds that had a huge return. Some costumers gave him as much as 200-thousand dollars.
He would use money from new investors to pay off old investors, making it seem legit.
He had worked for legitimate finance companies, but none of them are connected to the scheme.
He plead guilty in court on monday. DiMare could spend up to 20 years in prison.