STANFORD - Accused investment swindler Janssen D. Willhoit pleaded guilty Friday to amended charges of three counts of theft by deception. Willhoit was arrested June 9 after he allegedly used forged documents establishing legitimacy of a false investment firm, Net City, to dupe investors into contributing.
Willhoit is accused of stealing $150,000 from three Stanford investors, with victims also being reported in Cynthiana, Lexington and Covington, said Stanford police Detective Rick Edwards.
Willhoit was indicted by a Lincoln County grand jury in August on charges of three counts each of committing fraudulent acts pertaining to securities, failing to register as a broker-dealer, agent or investment advisor, failing to register securities and theft by deception over $300.
The scam was discovered after investor Eddie Carter called National City Bank, Net City's alleged parent company, to check on his account there and was told the account number was false.