An Atlanta-based travel agent has pleaded guilty to one count of wire fraud after executing a Ponzi scheme against multiple clients, including the George Mason men's basketball program, according to a report from Sportico.
Maurice Eugene Smith entered a plea agreement in the U.S. District Court for the Eastern District of Virginia earlier this month. As part of the agreement, he will pay a $250,000 fine, provide full restitution to the George Mason University Foundation and other victims of the scheme, and agreed to forfeit any assets the court connects to the fraud. As a result of the plea agreement, prosecutors will recommend a reduced sentence for the wire fraud.
