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Montecito Man Pleads Guilty To Fraud In Massive Investment Scheme

A Santa Barbara County businessman is facing prison after entering a guilty plea to a charge he defrauded investors by saying he could get them an inside track on stocks like Facebook and Twitter. Federal prosecutors say Elias Argyropoulos admitted bilking investors out of more than $1.4 million dollars, by promising amazing investment opportunities.

But, they say the Montecito man used the money for day trading unrelated to the promised stocks, as well as for his personal expenses.

The 72 year old man pled guilty to a felony count of wire fraud. He be sentenced in August, and faces up to 20 years in prison.

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