Friday, 29 July 2016
Last updated 23 min ago
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.