ATLANTA - A Cumming, Ga. man has pleaded guilty to defrauding his clients of more than $4.5 million in trust funds that he had described as being in investments earning good returns.
The defendant, 59-year-old M. Dewey Bain, pleaded guilty Tuesday to wire fraud in U.S. District Court in Atlanta.
Prosecutors say Bain, an attorney formerly licensed in Georgia and Texas, agreed to invest his clients' retirement savings and inheritances in safe accounts.
The government says Bain diverted the money to personal expenses and his own business interests.
His business, DnC Multimedia Corp., formerly known as PlanetLink Communications Inc., later filed for bankruptcy.
Sentencing is scheduled for July 7. Bain could receive up to 20 years in prison and a fine of up to $250,000.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Friday
May 3rd, 2024
3:16AM
