By Tony Hanson
PHILADELPHIA (CBS) — An Arizona man today pleaded guilty in federal court in Philadelphia to a massive fraud that cheated investors out of at least $26 million.
The defendant’s Remington Capital and related companies had offices in Arizona and Philadelphia.
Andrew Bogdanoff, 66, admitted he cheated investors looking for capital for various projects.
“He told some employees, ‘Never let the truth get in the way of a sale,’ ” notes federal prosecutor David Axelrod, who says victims paid upfront fees and were pressured for more money to get the projects going.
But the projects never happened.
But victims such as Ingrid Robinson, who planned a building project as a legacy to her daughter who died at age 28, lost over $350,000.
“They lied to me and they stole my money, but that was secondary to the fact they robbed me of my dreams,” she says.
Robinson, of California, was the driving force in getting federal authorities to investigate.
Bogdanoff will be sentenced in December.