|Former Cal player pleads guilty in wire fraud case|
|Written by Admin|
|Monday, 13 July 2009 21:40|
Prosecutors say 30-year-old Reed Diehl entered his plea Monday in Orange County federal court. He was indicted last year by a federal grand jury on charges that he bilked a developer out of $2.5 million.
The U.S. Attorney's office says Diehl falsely represented himself to potential clients as a banker who made hard money loans.
According to a plea agreement, Diehl admitted that he caused losses of just over $5 million.
Diehl is scheduled to be sentenced September 28. He faces up to 70 years in prison.