Calif. man pleads guilty in $15 million Illinois scheme

PEORIA -- A California man has pleaded guilty in federal court to stealing more than $15 million from a group of about 300 people in central Illinois through a long-standing Ponzi scheme.

The U.S. Attorney's Office says 61-year-old William Huber of La Jolla, Calif., pleaded guilty Tuesday in U.S. District Court in Peoria to mail fraud, money laundering and other charges. He will be sentenced Dec. 10.

The U.S. Attorney's office said Huber admitted he stole the money from Decatur-area investors between 1998 and 2009. He told investors he was making money but paid them using cash brought in from new clients.

Huber used the money to buy homes in La Jolla and Naples, Fla. He also provided false information to the Securities and Exchange Commission.