August 7th, 2007 | by JAMES PITKIN News | Posted In: CLEAN UP, CLEAN UP

Wes "The Collector" Rhodes pleads guilty in federal court

     
Tags:
main

Wes Rhodes, an investment adviser from Oregon City accused of cheating dozens of Portland-area investors, pleaded guilty today to mail fraud and money laundering at U.S. District Court in Portland.

As previously reported in a WW cover story, the U.S. Securities and Exchange Commission says Rhodes fleeced investors of at least $24.6 million by telling clients he'd invest their money in stock and bonds.

Instead, the feds say he spent the money building a collection of muscle cars and sports memorabilia or paying off other investors.

Rhodes faces up to 30 years in prison and a $500,000 fine. His sentencing is scheduled for Nov. 14.
 
  • Currently 3.5/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
comments powered by Disqus
 

Web Design for magazines

Close
Close
Close