Judah Pleads Guilty
By: Mitch Carr
Updated: November 12, 2009
We told you Wednesday that local businessman Benny Lee Judah had been charged with defrauding local investors. Today, judah pleaded guilty to those charges.
Judah admitted to one felony count of money laundering and one felony count of the sale and delivery of unregistered securities.
For those two charges, judah could spend up to 25 years in prison and owe up to a $500,000 fine.
But that money is nothing compared to the nearly $50,000,000 he's been ordered to pay back to his investors. "Ponzi Schemes are motivated by greed, and the warning to the public would be if you're considering an investment and it seems too good to be true it probably is too good to be true, and you're probably investing your money down the drain in a Ponzi Scheme or some similar scam," Baker said.
U.S. Attorney Dick Baker prosecuted the case. He says this case is a warning: make sure you know where your money is.
