1 decade 3 years 6 months ago
Tuesday, December 19 2006
Dec 19, 2006
Tuesday, December 19, 2006 8:37:22 PM CST
December 19, 2006
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
ST. LOUIS (AP) - A Hazelwood man pleads guilty today to fraud charges for stealing more than four million dollars from about 50 people. Federal prosecutors say James Knight took the money over a period of 16 years. Prosecutors say Knight told people he was a broker who could invest in development and business opportunities, saying he could deliver safe rates of return. Prosecutors say victims took out loans and even mortgaged their homes to get Knight the money, which he squandered on a gambling habit. Prosecutors say he also promised victims they could get their money back if they lied to authorities. He is scheduled for sentencing March 15 in federal court in Missouri's eastern district.