GULFPORT, MS (WLOX) - An Ocean Springs retirement investor has pled guilty to stealing more than $1 million from his clients.
Eduardo Guillermo Diaz, 58, admitted in federal court Friday to devising a mail and wire fraud scheme to defraud his clients of the large sums of money.
Diaz lied about potential investments, encouraging clients to invest large amounts of money into his firm. Instead of investing the funds, he instead used them for his own personal expenses. He also used new investor's monies to pay alleged dividends and make repayments or refunds to previous investors, all while deceiving his clients into believing the funds were properly invested.
Diaz was found guilty by the U.S. District Court on one count of mail fraud and will be sentenced June 21 by U.S. District Judge Louis Guirola, Jr. If convicted, Diaz faces a maximum penalty of 20 years in federal prison and a $250,000 fine.
Diaz was originally scheduled to go to trial April 4 after postponing his first trial date.
A federal grand jury indicted Diaz in October on four counts of investor fraud and two counts of wire fraud. He is accused of committing the crimes in Harrison and Jackson counties, beginning in 2012.