Prosecutors say the scheme stretched from England to Buffalo to California and, by the time it was over, took in $780,000 in stolen cash from three victims, each of them a film production company.
Robert Storey, 56, one of five people involved in the scheme, pleaded guilty Tuesday to wire fraud and will face a recommended sentence of up to 41 months in prison when he is sentenced by U.S. District Judge Richard J. Arcara.
Assistant U.S. Attorney Russell T. Ippolito Jr. said the defendant and others, posing as intermediaries, promised to secure multi-million loans for the victims in return for deposits ranging as high as $300,000. Ippolito said the defendants promised to return the deposits if the loans fell through but never did.
Arcara also ordered Storey to pay back the $780,000 he stole from the three companies.
His conviction is the result of an FBI investigation.