PITTSBURGH (AP) -- A Florida man faces more than four years in federal prison when he's sentenced in Pittsburgh for his role in an overseas loan scam that cost more than three dozen investors more than $3.9 million.
The criminal case against 34-year-old Fotios Geivelis of Fort Myers, grew out of a Securities and Exchange Commission against him and a Florida attorney who allegedly helped him.
Geivelis was charged in Pittsburgh, where he'll be sentenced Thursday, because at least one of the victims was from western Pennsylvania.
Geivelis pleaded guilty in March to running a company that supposedly brokered overseas loans to people who wanted to do humanitarian projects in the United States. The victims were told to invest at least $60,000 to obtain loans, which weren't delivered. Meanwhile, Geivelis spent the money on cocaine, casinos, and other things.