ST. PAUL, Minn. (AP) — Federal authorities say a Minnesota man accused of bilking investors of more than $1 million has pleaded guilty.

Authorities say 30-year-old Jeremy Lundin, of Mound, ran a Ponzi scheme from December 2014 through May 2017 through his company, Big Island Capital. He allegedly created phony account statements and provided investors with online access to fictitious quarterly statements.

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Investigators say Lundin and his wife used a majority of investor funds on personal expenses, including travel, luxury automobiles, a boat, jewelry, retail purchases and more than $366,000 in credit card payments.

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Lundin pleaded guilty to mail fraud and money laundering. A sentencing date has not been scheduled.

Lundin’s lawyer, Joseph Friedberg, declined to comment.

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