A Buffalo man who pleaded guilty Friday to wire fraud and tax evasion could face up to 25 years in prison.
Salvatore Letizia, 40, defrauded four people out of more than $360,000 from 2005-09, according to Assistant U.S. Attorney Frank T. Pimentel.
Letizia enticed his victims to invest in fictional business ventures, then took the invested funds and credit lines and used them for his own benefit, the prosecutor said.
He also failed to file tax returns for the years of the swindle, Pimentel added.
Letizia is scheduled to be sentenced by U.S. District Judge Richard J. Arcara on Sept. 29.
The case was investigated by the FBI.