Alan Heide News Today

A Florida businessman who once owned Playgirl magazine pleaded guilty for his role in a $250 million fraud scheme where he misled more than 3,400 investors across 42 states.

Four criminal guilty pleas and numerous Securities and Exchange Commission judgments preceded this.

The 1 Global Capital fraud scheme raised more than $320 million from more than 3,600 investors throughout the country, according to the commission.