DES MOINES, Iowa (AP) — An Iowa man who falsely marketed himself to clients as a well-connected and experienced investment manager is likely heading to prison after admitting guilt Friday in a $1.1 million Ponzi scheme.
John Francis Holtsinger of Ottumwa pleaded guilty to five counts of wire fraud and one count of tax evasion during a hearing in federal court in Des Moines. Several other counts of wire fraud, money laundering and securities violations were dropped under a plea agreement, which calls for Holtsinger to face a recommended prison term of roughly four to seven years when he is sentenced in January.
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