EAST ST. LOUIS, Ill. (AP) -- A southwestern Illinois man faces up to five years in federal prison now that he's admitted to violating securities regulations with a deal involving a Canadian gold mine.
Thirty-two-year-old Jeremiah Jacob of Columbia has pleaded guilty to failing to register a security before selling it.
As part of his guilty plea in East St. Louis, Jacob admitted soliciting someone to invest in the purchase of a gold mine in the Yukon.
Jacob said the investment would receive a 15 percent return yearly return, with no losses on the initial capital. Jacob also promised that the funds would be invested into interests including revenue-producing mining projects.
The victim invested $200,000 with Jacob, whose energy and mining group actually had been dissolved.
Sentencing is scheduled for June 28.