- Associated Press - Wednesday, May 7, 2014

EASTON, Pa. (AP) - An eastern Pennsylvania man accused of running a multimillion-dollar bogus investment scam has pleaded guilty to more than 180 counts of theft.

Richard Freer entered the guilty pleas Wednesday in Northampton County Court. Officials said the former bank president duped victims out of a total of $10 million.

Authorities contend the 68-year-old Palmer Township financial adviser masterminded a massive scheme that bilked more than 80 people, many of them elderly, out of tens of thousands of dollars in savings and retirement funds.

He could face up to 30 years in prison.

Prosecutors allege that for years, Freer claimed to be investing his clients’ money in real estate trusts but was instead spending the cash on himself or using it to pay other investors.

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