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.