Federal prosecutors say a man who scammed at least 13 people in California and Oregon has pleaded guilty to mail fraud.
Randall Foshie admitted taking more than $350,000 in fraudulent "upfront" or "commitment" fees in 2006 and early 2007.
He met his victims at private showings of luxury real estate properties and through word of mouth, promising them multimillion dollar real estate loans. First, they had to give him an advance fee ranging from $5,000 to $50,000.
Foshie also offered investments in electric car dealerships he said he planned to build, requiring that each investor give him $25,000 up front.
Prosecutors say he never delivered on the dealerships or the real estate loans.
The victims' money also has not been recovered.
Foshie is facing up to 20 years in prison.