More Than a Trillion Dollars, Hey?

SAN DIEGO (CN) - A California man faces up to five years in federal prison after pleading guilty Wednesday to defrauding investors of nearly $7 million.

William Ison, 54, pleaded guilty to wire fraud conspiracy, the U.S. Attorney's Office said.

Ison claimed that his victims' money would be secured by his own mining company, which he said was worth $86 billion.

Actually, his Blue Diamond Excavation company, of Newport Beach, "had yet to begin mining operations or produce any income from mining," the U.S. attorney said in a statement.

Ison also claimed that he had donated "more than a trillion dollars" to charities, prosecutors said.

Ison admitted that he helped Douglas Ellingson snare investors for "private placement programs" through Ellingson's business, Destiny's Partners Ventures.

Ellingson has pleaded guilty and is awaiting sentencing.

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