A man Ventura County prosecutors say swindled some fellow Simi Valley church congregants out of more than a million dollars has pled guilty to 10 counts of securities fraud.
Fidel Bermudez also admitted to a white collar crime enhancement in connection with a Ponzi scheme he ran from 2004, to 2007. The Thousand Oaks man persuaded fellow members of the Church of God in Simi Valley to invest with him, and in early instances some received big payoffs, encouraging others to invest.
In 2007, the scheme collapsed, and Bermudez blamed a fictitious partner. He left California, and moved to Florida, where he was arrested this past June.
The now 44 year old man could face up to eight years in prison when he’s sentenced next month.