STATESBORO, GA (WTOC) - A Statesboro man pleaded guilty Tuesday in federal court to wire fraud charges.
Joseph L. Autry, 43, of Statesboro, was charged in connection with a commodities futures scheme that he ran from at May 2008 to January 2010, according to the U.S. Attorney's Office for the Southern District of Georgia.
Autry was the owner of Autry Capital Management LLC, which he ran out of his home and that supposedly specialized in trading commodity futures contracts.
He solicited and received an estimated $265,000 from several investors in Georgia to trade commodity futures contracts, according to the U.S. Attorney's Office. Autry then used that money to pay his personal debt and expenses and also to pay supposed returns to investors using the investors own funds or the funds of other investors, according to the U.S. Attorney's Office.
He pleaded guilty to a single count of wire fraud and now faces a maximum statutory penalty of 20 years of prison, a $250,000 fine, and 3 years of supervised release. He remains on bond pending his sentencing hearing.