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Former New York businessman pleads guilty to wire fraud

A former New York businessman who previously faced extradition from Canada had pleaded guilty to wire fraud.

According to the U.S. Attorney’s Office, 30-year-old Michael Wilson used fake companies known as “New Frontier” to cheat investors out of more than US$10 million between June 2008 and July 2010.

Wilson traveled to Toronto after learning he was under investigation. After being arrested in Canada in 2013, Wilson was released on conditions and challenged extradition to the United States in Canadian courts.

Wilson could face up to 20 years in prison and a $250,000 fine when he’s sentenced in October.

Read more at WGRZ

This article is summarized by Canadian Fraud News Inc.

Kayla Kuefler is the head writer and social media producer at Canadian Fraud News. Kayla was born-and-raised in Edmonton, Alberta and moved to Toronto in 2013 to pursue her Bachelor of Journalism at Ryerson University. Kayla has previously interned at Global News Edmonton, Global News Toronto and CBC News in London, England.