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Man pleads guilty to real estate swindle
ORLANDO, Fla., April 21 (UPI) -- A man who operated a Florida real estate company that investors say was a classic Ponzi scheme has pleaded guilty to fraud.
Aleem Hussain told a federal judge in Orlando Thursday that he had swindled investors in his company, Main Street USA Inc., the Orlando Sentinel reported. In a Ponzi scheme, early investors are paid with money taken from later investors.
Hussain brought more than 10 Orange County sheriff's deputies and other employees into his company as investors and, in some cases, employees. He wooed them by paying for meals and stays at resorts and by promising to double a $100,000 investment in six months.
The sheriff's deputies helped convince other investors to trust Hussain with their money.
A native of Guyana, Hussain moved from New York to Florida in 1996. He held a number of jobs before starting Main Street USA.
The company worked well while real estate in Central Florida was booming, the newspaper said.
Copyright 2007 by United Press International
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