BUFFALO, N.Y. (WIVB) — A man from Las Vegas pleaded guilty of wire fraud for the actions he took in defrauding a company in western New York.
John Nielsen, 42, is facing a sentence of up to 20 years in prison and a fine of up to $250,000.
The district attorney prosecuting the case said Nielsen was running an investment loan scheme which lost Preston Waters Corp., a western New York investment firm, $175,000.
Nielsen promised the ability to procure up to $100 million in loans, and told the corporation he needed $175,000 to cover the costs of getting loans. After the money was in Nielsen’s hands, he used the funds for his own purposes.
Nielsen is scheduled for sentencing on March 19.