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RALEIGH, N.C. — Michael Jenkins appeared before a judge Tuesday and pleaded guilty to running what prosecutors called a classic Ponzi scheme.
“I just didn’t run a business. It was good intent – just got screwed up and got overwhelmed,” Jenkins told the judge.
Prosecutors say Jenkins bilked 435 people out of $1.8 million between 2010 and 2012. He started out making small investments for friends, but wasn’t licensed and quickly got in over his head. Before long, he wasn’t investing at all.
Read more: WTVD