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.