Pennsylvania federal authorities said that Sean Healy pleaded guilty to two counts of wire fraud and one count of unlawful monetary transaction.

Prosecutor said the 39 uear old man said he promised to buy securities for investors but instead spent the money on waterfront mansion in Florida, jewelry and exotic sports cart.

He is now facing up to 50 years in prison.

His lawyer says that the man may only be responsible for $10 million to $15 million in losses. It seems like everyday these scheme are getting revealed.