Local businessman pleads guilty in $8M fraud case

As his jury trial was about to begin, the former president of Liberty Trade International Inc. abruptly pleaded guilty to defrauding more than 900 investors, including victims of Hurricane Katrina, of more than $8 million.

David McDowell Robinson, 56, of Baltimore, admitted Wednesday in U.S. District Court to engaging in a Ponzi scheme that promised investors huge returns quickly on their investments.