(CN) - Donald Manning pleaded guilty on Friday to defrauding people of millions of dollars in a Ponzi scheme called the Brixon Group, federal prosecutors said. Manning targeted old people "and members of his own family" in his scam, the U.S. Attorney's Office said.
Manning's co-defendant Cameron Campbell is serving five years and three months in prison for his part in the scam. Prosecutors seek public help in locating a third defendant, Joseph Wayne McCool.
Manning is to be sentenced on April 15 for wire fraud and conspiracy. He was president of the Brixon Group. Prosecutors say he admitted that he and his cohorts skimmed money from their victims, spent it on themselves, and paid off some old investors with new money - a classic Ponzi scheme.
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