Dallas man pleads guilty in real estate fraud scam

October 14, 2011 4:45:56 AM PDT
A Dallas man faces up to five years in prison in a $17 million real estate fraud case that featured promotions on North Texas radio stations.

Prosecutors say 41-year-old Jeffrey Brown on Thursday pleaded guilty in Plano to conspiracy to defraud more than 80 investors.

No sentencing date has been set for Brown, who from 2006 through 2010 controlled a company called Quadwealth.

Investigators say Quadwealth falsely marketed itself, in advertisements on several radio stations, as a financial planning and wealth management group in which members had the potential to double their money in a year.

Prosecutors say Brown and others instead used the investment funds to pay for their personal expenses.