A Colts Neck man, charged with operating a $20 million dollar ponzi scheme out of offices in Fair Haven and Miami, admits guilt. 57-year-old Louis Spina confessed to one count of wire fraud in a case that duped dozens of investors.

New Jersey U.S. Attorney Paul Fishman said from August 2010 to November 2013, Spina collected $20 million dollars from 36 investors through his business, LJS Trading, LLC. And provided them with a note guaranteeing a specific rate of return.

Fishman said Spina only transferred $9.5 million into a trading account. The remaining $10.5 million was used to pay investor's monthly interest payments, return portions of investors' principals and pay for his own personal luxury expenses.

Of the $9.5 million dollars that was actually invested, Spina lost all the money in the market but told clients that they were making large gains.

The Wire Fraud count carries a maximum potential penalty of 20 years in prison and a $250,000 fine. He'll also be ordered to pay restitution when sentenced in February 26th.

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