Tuesday, October 21, 2008

OC Man Pleads Guilty to Bilking $28M From Investors

An Orange County man missed the cut and faces jail time after pleading guilty to using $28 million from investors in a firm that did not exist in order to support his unprofitable golf companies.

Colin Nathanson, 59, offered the guilty plea on Monday in Santa Ana, stating that he got hundreds of people to invest in an Internet-based technology firm that did not exist. He reportedly did this to furnish a lavish lifestyle for himself.

According to prosecutors, Nathanson, who could get 120 years in prison when sentenced next February, took the investor money to finance his failing Giant Golf Company and Play Big Enterprises, which sold clubs and accessories.

He reportedly also used the income to pay off gambling expenses and three houses.

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