Businessman pleads guilty in Ponzi Scheme

Benny Lee Jodah, a Texas businessman pleaded guilty Thursday to two charges related to his bilking of $50 million from investors in a Ponzi scheme. He pleased guilty to one count each of money laundering and sales and delivery afer sales of unregistered securities, in federal court.

Jodan faces up to 20 years in prison on the money laundering count and five years on the securities cout. Each count carries a $250,000.00 fine. He must also pay $48.4 million in restitution.

Its alleged that he devised a scheme to swindled investors by promising them 10% returnon investments in Excel Lease Fund Inc. between 2005 to April 2009. In April, the US Securities and Exchange Commission filed a civil fraud complaint against Judah, which lead to the court freezing his assets and placing his business operations in receivership.

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