Judge OKs plea deal in financial probe

DETROIT (AP) -- A judge has accepted a new plea deal from a Detroit-area financial manager who helped the government prosecute his partner in a real estate scheme that ended with more than $40 million in losses.

Richard Trabulsy's first plea agreement was thrown out last fall after a dispute over the length of his sentence. A court filing shows Trabulsy now likely faces a bit more than four years in prison after pleading guilty to fraud last Tuesday in Detroit federal court.

Trabulsy worked with John Bravata at BBC Equities. Prosecutors say they misled people about the safety of their money and especially preyed on those 55 and older who had lump sums to invest. More than 400 investors had been promised steady interest payments. Bravata is serving a 20-year prison sentence.

Published: Mon, Jan 20, 2014