Lawyer pleads guilty to running ponzi scheme

A Marietta lawyer pleaded guilty today in federal court to charges he defrauded more than 125 people out of millions of dollars in a Ponzi scheme.

Robert Price Copeland, 48, pleaded guilty to one count of wire fraud in U.S. District Court in Atlanta.

The five-year scam ended with Copeland owing more than $28 million to 125 people, including some senior citizens who gave him their life savings, U.S. Attorney David E. Nahmias said.

“This is yet another tragic case in which dozens and dozens of victims lost their hard-earned money in what turned out to be a massive and long-running investment fraud scheme,” he said.

From 2004 to 2009, Copeland — a real estate and elderly law attorney — solicited victims through seminars and financial planners, said Patrick Crosby, a spokesman for the U.S. attorney. Copeland told his victims he would invest their money in real estate deals, promising returns as high as 15 percent for every six to 12 months, Crosby said.

Copeland even showed his victims phony security deeds to document their potential profits. Those lies managed to net Copeland more than $40 million from investors, Crosby said.

On Monday, Copeland told a judge his business was a scam.

“He was engaged in little, if any, real estate financing, development, or other profit-making activities with investor funds,” Crosby said.

Copeland faces up to 20 years in prison and a fine of $25,000, along with restitution and forfeiture of all of the proceeds.

Prosecutors said Copeland is cooperating with investigators’ attempts to recover whatever assets are left. Investigators have already seized 12 properties, several bank accounts, artwork, jewelry and cars from Copeland, Crosby said.