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updated: 12/13/2012 6:16 PM

Scammer admits to $500 million fraud

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Associated Press

Federal authorities in Chicago said a former Indiana man has pleaded guilty to securities fraud in connection with a $500 million case involving about 8,000 investors in the U.S.

Officials said 63-year-old Michael Kelly's guilty plea partially resolves one of the largest investment fraud cases in Chicago federal court. Kelly was sentenced Thursday to the maximum term of five years in prison. He still faces more charges.

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Last month a federal judge ordered first distribution of $50 million in restitution to the investors. Kelly has agreed to more than $342 million in restitution.

Kelly is formerly of South Bend, Ind., but also is a citizen of Mexico and Belize. Prosecutors say he and others used money to buy hotels, boats, an airplane and a night club, among other property.

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