(Minneapolis, MN) -- A 40-year-old Lakeville man pled guilty in federal court Thursday to operating a Ponzi scheme that bilked at least 17 lenders out of more than 79-million dollars. Corey Johnston admitted that, from 2005 through 2009, he oversold participation in large commercial and personal loans arranged through his company, First United Funding. Prosecutors say Johnston sold loan participation to banks after already selling that same participation to other banks. He faces a possible sentence of more than 30 years in prison.
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