The Santa Rosa Press Democrat reports ( http://bit.ly/TYMJ8J) that 62-year-old Gary Armitage pleaded no contest to four felony counts of conspiracy and securities fraud.
Armitage reached the agreement before his Jan. 29 trial, which could have ended with a 50-year prison sentence.
The California Attorney General's Office said there were more than 2,000 victims in one of the largest real estate Ponzi schemes in state history.
Armitage, investment firm owner James Koenig and a third man were arrested in 2009 after a 17-month investigation found they'd bilked dozens of investors, many elderly, out of millions.
He is schedule to be sentenced on April 8.
Information from: The Santa Rosa Press Democrat, http://www.pressdemocrat.com