- Associated Press - Thursday, June 9, 2016

PHILADELPHIA (AP) - Authorities say a Philadelphia man accused of taking nearly $1.3 million from investors for a bogus luxury olive oil and wine import business and then spending that money on himself has pleaded guilty to fraud.

Federal prosecutors say 59-year-old William Bucci also promised other investment ventures and persuaded people to loan him money for a beach house in New Jersey.

Prosecutors say he obtained nearly $3 million between 2007 and 2011 as a result of the schemes and didn’t report any of it on his tax returns.

The Philadelphia Inquirer reports (http://bit.ly/1tbtu0w ) the former stockbroker pleaded guilty to securities, mail and mortgage fraud on Wednesday.

Bucci’s attorney, Mark Wilson, says his client “got in over his head.”

He is free on bail. His sentencing is scheduled for mid-November.

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Information from: The Philadelphia Inquirer, http://www.inquirer.com

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