Sixty-one-year-old Eric Bartoli is scheduled to be sentenced on November 9. (Representational Photo)
An Ohio man who fled to Peru more than a decade ago to avoid prosecution for what authorities say was a $65 million Ponzi scheme has pleaded guilty to federal charges.
Sixty-one-year-old Eric Bartoli is scheduled to be sentenced on Nov 9 after pleading guilty to eight counts including conspiracy, securities fraud and attempted income tax evasion.
Federal prosecutors say Bartoli defrauded hundreds of investors during the 1990s. He was indicted in 2003.
Authorities say Bartoli and his partners created a Doylestown-based company that returned just half of the money collected from investors.
Bartoli failed to appear at a Securities and Exchange Commission hearing in 1999 after being sued and instead fled to Peru. He was arrested and brought back to the US last fall.