California Man Pleads Guilty to Wire Fraud in $7,000,000 Ponzi Scheme

Federal prosecutors have obtained a guilty plea from a California accountant in a Ponzi scheme that drained more than $7 million from nearly 90 investors. Antonio Honorato Silveira, 50, of Turlock has pleaded guilty to wire fraud, says the U.S. Attorney’s Office, Eastern District of California. Silveira worked as a tax preparer and accountant and began taking client money for supposed stock investments by June 2011. He promised annual returns of 13% to 17% and issued signed promissory notes while claiming he would manage the money at his discretion. Instead he lost funds through unsuccessful trades and spent portions on personal expenses.

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