Investment manager admits to $7M scheme

NAPLES — Investment manager Dorian Garcia pleaded guilty to wire fraud in a scheme that involved nearly 100 investors and $7 million, according to a statement from the U.S. Attorney's office.

Garcia, 30, of Naples, faces up to 20 years in prison and will have to pay back $3.1 million to investors. A sentencing date has not been set yet.

From February 2009 through April, Garcia solicited and received at least $7.3 million from 96 investors nationwide. Of that amount, he has repaid about $4 million, according to the statement.