Father And Son Admit To Running Phony 'Paulson & Co.'

Sep 21 2012 | 12:23pm ET

A father-son fraudster duo has pleaded guilty to pretending to be Paulson & Co.

John and Jeffrey Fowler pleaded guilty to conspiracy to commit mail fraud and wire fraud this week. The two set up a Florida corporation two years ago called—you guessed it—Paulson & Co. Inc.—and raised more than $4 million, claiming to be an affiliate of the real Paulson and promising to invest the money in a good futures program run by the prominent hedge fund, Forbes reports.

Of course, the Fowlers had nothing at all to do with the real Paulson, and simply spent the money raised on themselves. The scam went sour in November of last year.

Father John faces up to 20 years in prison. His son faces up to five.

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