Watch CBS News

Waco Businessman Pleads Guilty In $8.4M Ponzi Scheme

Follow CBSDFW.COM: Facebook | Twitter

WACO, Texas (AP) - A ex-financial planner in Central Texas faces up to 20 years in prison for running a Ponzi scheme and stealing nearly $8.4 million from clients.

Charles D. Jones of Waco on Thursday pleaded guilty to wire fraud.

The 61-year-old owner of Charles D. Jones Capital Management Inc. remains free on bond pending sentencing later this year.

Prosecutors say the businessman's company provided fee-only personalized financial planning and investment management from 2005 to 2012.

Investigators say Jones used investment funds for his own personal benefit. He created false account statements and provided the bogus documents to clients to cover the scheme.

(© Copyright 2015 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.