By Rick Daysog
A Sacramento man accused of operating a real estate ponzi scheme has pleaded guilty to four federal counts of wire fraud.
Garry Bradford, 62, was president of a local "investment club" which took in $2.2 million from local investors between 2004 and 2008 to purchase land and local commercial buildings, according to U.S. Attorney Benjamin Wagner.
The club, dubbed the Millenium Capital Group, promised returns of about 18 percent to investors who dipped into their retirement accounts or refinanced their homes to invest with Bradford, an April federal grand jury indictment said.
Federal prosecutors said that Bradford later admitted that he used money he solicited from new investors to pay "bogus returns" to older investors.
Bradford is scheduled to be sentenced on April 6, 2012 before U.S. District Judge Garland Burrell Jr. Under federal sentencing guidelines, he faces up to 20 years in prison for each count and a $250,000 fine.