NASCAR superfan Andrew Franzone pleaded guilty to securities and wire fraud, leading to his sentencing on July 15, where he could face up to 20 years in prison. He deceived over 100 investors, primarily from the racing community, garnering $40 million for his Miami hedge fund while assuring them about its safe, profitable investments. However, Franzone had locked their funds in risky ventures. A judge barred his defense from citing the fund's eventual success, prompting him to accept a guilty plea before the trial.
"The judge's decisions were limiting a great deal of the evidence," Corozzo explained of the decision that ultimately led Franzone to plead guilty instead of facing a jury.
Franzone tricked more than 100 victims into investing $40 million in his hedge fund while falsely assuring them their money was secure in profitable stocks.
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