SANTA ANA, Calif. -- An Orange County man has pleaded guilty to using $28 million from investors in a nonexistent firm to prop up his unprofitable golf companies and to fund a lavish lifestyle.
Colin Nathanson admitted Monday to Santa Ana federal judge Cormac Carney that he induced hundreds of people to invest in a fictitious Internet-based technology firm.
Prosecutors say the 59-year-old Nathanson used the investor money to finance his failing Giant Golf Company and Play Big Enterprises, which sold clubs and accessories out of Irvine and Rancho Santa Margarita.
The money was also used for what prosecutors called "extravagant personal expenses, including gambling expenses and payments for three houses."
Based on his pleas, Nathanson faces 120 years in prison. He is due to be sentenced on Feb. 9.
ocregister.com: Coto man pleads guilty in $28-million golf scam
