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Trader who bilked investors out of $9 million pleads guilty in Los Angeles to federal charges

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LOS ANGELES — The architect of a scam that bilked investors in Southern California and Canada out of at least $9 million has pleaded guilty to federal charges in Los Angeles.

Prosecutors say Gordon Driver of Henderson, Nevada entered pleas Thursday to wire fraud and also to making false statements to the SEC during an investigation.

Driver acknowledged that he falsely told investors in his Nevada-based companies that his commodities futures trading produced profits of up to 5 percent a week. In reality, his unprofitable trades lost much of the money.

Driver now faces up to 25 years in federal prison.

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