BREAKING: Accused Fraudster in Wilton Manors Gay Ponzi Scheme Pleads Guilty

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Fallon Fox

The federal trial of a Fort Lauderdale investment adviser accused of running a nearly $10 million Ponzi scheme ended abruptly Wednesday when he pleaded guilty to all 10 felony charges he faced.

George Elia's surprising plea came after four former clients recounted how he had duped them into believing he was a financial whiz. Elia, 69, created phony paperwork for investors, lulling them into believing they were getting high returns through his company, International Consultants & Investment Group Ltd. Corp.

Many of Elia's 40 victims came from the Wilton Manors gay community. Elia pleaded guilty to nine counts of fraud and a count of conpsiracy to commit fraud. A single fraud conviction could send him to prison for 20 years.

Elia's sentencing is set for May 14.

From our media partners at the Sun Sentinel.