In a virtual arraignment and plea hearing Wednesday, Blessing K. Egbon Jr. was convicted of three counts of federal wire fraud relating to a scheme he executed that fleeced at least 11 investors out of more than $6 million.
Judge Brett Ludwig of the U.S. District Court of Eastern Wisconsin on Wednesday accepted Egbon’s decision to waive indictment and plead guilty to all three counts of wire fraud, each of which carries a maximum sentence of 20 years imprisonment, a maximum fine of $250,000 and three years of supervised release. Egbon’s sentencing is scheduled for Aug. 5.
Ludwig also agreed to leave out a pretrial condition that Egbon participate in a mental health assessment and counseling after Egbon’s lawyer argued the suggestion was based on a concern from Egbon’s family related to his prior use of alcohol that she said was no longer relevant.
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