- Associated Press - Friday, May 27, 2016

ATLANTA (AP) - The former head of an Atlanta money management firm has pleaded guilty to conspiring with a former business partner to defraud investors of more than $35 million through a fraud scheme.

The Department of Justice said in a news release that former Summit Wealth Management CEO Angelo Alleca pleaded guilty Thursday in an Atlanta federal court to defrauding investors from 2007 until the scheme was shut down in 2012.

Federal investigators say Alleca lost much of the $35 million through securities trading, but he covered up the losses with fake account statements showing profits, despite there being no money in the funds.

Alleca is scheduled to be sentenced Aug. 4.

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