Ponzi scheme suspect expected to plead guilty

A Marietta lawyer is expected to plead guilty soon to federal charges that he ran a “Ponzi” scheme that defrauded more than 125 people of $28 million, according to the U.S. Attorney’s Office in Atlanta.

The U.S. Securities and Exchange Commission filed a civil case against Robert Price Copeland last week. On Thursday U.S. Attorney David Nahmias brought a criminal wire fraud charge against him. Copeland is facing as many as 20 years in prison, and could be ordered to pay restitution and a $250,000 fine.

Copeland, 48, is expected to appear in court soon. No date has been set.

Investigators said Copeland found his victims for his “Ponzi scheme” through seminars and financial planners, promising them as much as 15 percent on their investments in less than a year. He allegedly told investors their money was backed by real estate developments, mortgages or bridge loans.

According to an FBI investigation, Copeland collected about $40 million in five years, but lost $28 million of it.

He could not sustain his operation. As he got new investors, he would use their money to pay those who had invested with him previously, investigators said.

Federal authorities said Copeland, used several businesses to carry out the scheme —- Axiom Development Group Inc., We Buy Inc., Robert P. Copeland P.C. and HBV Services Inc.

Copeland did not return a telephone message left at his law office.