- Associated Press - Wednesday, May 14, 2014

NORFOLK, Va. (AP) - A Williamsburg man is facing federal prison time after pleading guilty to wire fraud and money laundering charges.

Federal prosecutors say 56-year-old Stephen Kohout pleaded guilty this week in U.S. District Court in Norfolk.

According to a statement of facts filed with his plea agreement, Kohout had been given power of attorney by his parents in 2003 and used their money to make investments. He then spent money belonging to his parents for personal living expenses, credit card bills and dining and entertainment.

Kohout faces up to 40 years in prison and $750,000 in fines for the charges when he’s sentenced July 10.

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