Former NC State player admits fraud

June 12, 2009 8:25:36 AM PDT
A former financial adviser and NC State basketball player pleaded guilty to fraud. Harold Earl Blondeau, 65, pleaded guilty Thursday in U.S. District Court in Greenville to one count of investment adviser fraud and one count of tax fraud.

He is a former financial adviser and a former NC State basketball player. Blondeau admitted taking nearly $3 million from 83-year-old Martha B. Capps of Raleigh to buy a beach house and a wine collection.

Blondeau was an adviser for Morgan Keegan. Prosecutors said he spent $24,000 of Capps' money on wine, paid down his own credit line and bought a beach house.

Blondeau faces a penalty that ranges from probation to eight years in prison when he is sentenced in September.

He also may have to pay restitution to Capps, who has Alzheimer's.


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