By AP/St. Louis Public Radio
St. Louis – A former St. Charles County stockbroker has admitted to a Ponzi scheme that cost investors hundreds of thousands of dollars.
Kenneth Neely of St. Peters pleaded guilty Wednesday to mail fraud in U.S. District Court in St. Louis. He will be sentenced in January.
Missouri Secretary of State Robin Carnahan, whose office regulates securities dealers, said Neely directed his clients from two different brokerage firms to invest in a nonexistent real estate trust.
Regulators said Neely defrauded at least 25 investors of more than $600,000.