San Diego man pleads guilty in $10M investor fraud - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

San Diego man pleads guilty in $10M investor fraud

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SAN DIEGO (AP) — A man has pleaded guilty in San Diego to obstructing justice for his role in a fraud that cost investors more than $10 million.

The U.S. attorney's office says James Yiu Lee entered the plea Thursday, acknowledging that he used shell corporation accounts to hide money he got from investors he bilked in online trading schemes.

He could face up to 10 years in federal prison.

Lee already was convicted in 1997 of defrauding investors and embezzling from their pension funds. He was given a 30-month sentence and ordered to pay nearly $3 million in restitution.

But authorities say he's paid less than $30,000 and in his plea deal acknowledged that he schemed to prevent the government from taking his income to pay the money.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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