- Associated Press - Monday, December 15, 2014

NEWARK, N.J. (AP) - Federal prosecutors say a northern New Jersey man has admitted his role in a real estate investment scheme that bilked victims out of more than $5 million.

Abbe Edelman, of Livingston, pleaded guilty Monday to wire fraud. He now faces up to 20 years in prison when he’s sentenced March 23.

Prosecutors say the 50-year-old Edelman told investors their money would be used to purchase and renovate properties in New Jersey, New York, California and Florida and they would see a return of as much as 25 percent in as little as eight months.

Edelman made some payments to investors to permit the scheme to continue. But prosecutors say he used the bulk of the money to pay for personal expenses.

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