TUCSON, Ariz.—A Tucson man accused of bilking investors out of millions of dollars has pleaded guilty to two felonies, ending eight years of litigation.
Pima County prosecutors say 70-year-old Wendell Decker Jr. pleaded guilty to fraud and illegally conducting an enterprise and agreed to pay up to $5 million in restitution.
He could be placed on probation or be sentenced to between seven and 21 1/4 years in prison. No sentencing date has been set yet.
The Arizona Daily Star () says Decker and two other defendants originally were indicted in 2003 on charges they illegally sold promissory notes for a Colorado shopping center north of Denver.
By the time the Dacono Mall project collapsed, authorities say about 110 investors had put up more than $5 million between 1995 and 2000.
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Information from: Arizona Daily Star,
