ATLANTA—A Georgia businessman has admitted taking part in a scheme to defraud a California construction company of nearly $13 million.
Edgar J. Beaudreault of Alpharetta pleaded guilty Wednesday to conspiracy to commit wire fraud. Federal prosecutors say the 60-year-old Beaudreault and two others conspired to defraud Cornell Corrections of California Inc., which operates private corrections facilities.
In 2003, Cornell was hired to build a prison in Canon City, Colo., and the $13 million purchase price was to be placed in escrow until completion.
Cornell was induced to transfer the money to an Atlanta account, and most of it was then diverted to other accounts.
Beaudreault could receive up to 20 years in prison and fined $250,000 at sentencing on March 18.
