OKLAHOMA CITY (AP) -- A Norman man accused of bilking investors out of more than $1.5-million pleads guilty in federal court.
Prosecutors charged Ananth -S- Rajan with 26 counts of mail fraud, but he was allowed to plead guilty Wednesday to a single count in a plea agreement with prosecutors.
The 68-year-old admitted to soliciting investments from personal and professional contacts between February 1989 and March 2002. He managed those funds in an investment account in his own name.
When asked by prosecutors, Rajan acknowledged the account contained less than $100,000 in February 1999, even though he owed investors more than $1.5-million.
Prosecutors say that he continued soliciting investments, using those funds to pay off earlier investors and cover his own living expenses.
Rajan will be sentenced in a few months.