Fla. man pleads guilty to bilking Mahoning Valley investors in Ponzi scheme

YOUNGSTOWN — A Lakeland, Fla., man, charged federally in a $14 million Ponzi scheme that solicited Mahoning Valley investors, pleaded guilty to conspiracy to commit wire and mail fraud and to conspiracy to launder money.

Edward A. Allen, 36, entered his plea today before U.S. District Judge Benita Y. Pearson.

On April 5, Allen’s co-defendant, David L. Olson, 61, also of Lakeland, pleaded guilty to the same charges pertaining to events between 2006 and 2009. Olson will be sentenced at 11 a.m. June 28.

When Allen is sentenced in late June or early July, he could be sent to prison for up to 40 years and fined up to $500,000.

But Judge Pearson said federal sentencing guidelines suggest a prison term between 78 and 97 months for Allen, who has no prior criminal record.

Allen and Olson were partners in A&O Companies, which solicited investors in the Youngstown area and from Florida, Texas and Arizona, according to the indictment.

For the complete story, read Tuesday's Vindicator and Vindy.com