Fla. Hedge Fund Manager Admits Fraud

May 30 2013 | 11:07am ET

Penn State football champion turned hedge fund manager Paul Pomfret has pleaded guilty to defrauding a client.

Pomfret faces up to 20 years in prison for wire fraud. He admitted he ripped a South Carolina businessman off to the tune of $500,000, using most of the money to make Ponzi scheme payments to existing investors in his Palm Beach, Fla.-based PDP Capital Investments.

Pomfret was a member of Penn State's 1986 national championship team, playing tight end.

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