Roanoke, VA (AP) -- An investment adviser and admitted crack addict from Memphis has pleaded guilty in an investment scam.
Sixty-year-old Larry House entered his plea Tuesday in Roanoke, Virginia, agreeing to testify against Ronald Lemon Calvin of California his alleged partner in the scam.
House said he and Calvin sold stock certificates under a bogus California company called World Class Enterprises, promising investors millions in return, once the online pharmacy began trading on the stock market.
House said he met Calvin in 2005 when they both were selling stocks for a California oil company. He said Calvin offered him a 50 percent commission on any investments he could lure, and although he knew something was wrong he needed money to feed his crack habit.
House faces up to five years in prison when he is sentenced later this year.
Copyright 2007 by the Associated Press. All rights reserved.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.