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Fla. man pleads guilty to online Ponzi schemeFla. man pleads guilty to running Internet-based Ponzi scheme; thousands of investors involved
WASHINGTON (AP) ' A Florida man faces more than six years in prison after pleading guilty to running an Internet-based Ponzi scheme that prosecutors say ripped off thousands of investors.
Thomas A. Bowdoin Jr., of Quincy, pleaded guilty to wire fraud Friday in U.S. District Court in Washington.
Prosecutors say the 77-year-old Bowdoin operated an online advertising company and marketed himself as a "money magnet." He promised huge returns to thousands of investors. But authorities say the vast majority of investors never saw big returns, and Bowdoin used some of the funds to buy himself a boat, luxury vehicles and a lake house.
He faces a maximum sentence of 61/2 years. No sentencing date was set.
A lawyer for Bowdoin did not immediately return a call or email seeking comment.
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