Alleged Ponzi schemer Vaughan pleads guilty, faces up to 12 years in prison

A former Albuquerque real estate executive has pleaded guilty to wire and mail fraud and agreed to serve up to 12 years in prison to settle charges he ran a multi-state Ponzi scheme.
Doug Vaughan entered the plea Wednesday in federal court in Santa Fe. Under terms of the deal with prosecutors, Chief Judge Bruce Black will determine the final sentence, which will range from 10 to 12 years. Read Associated Press report here.