WASHINGTON -- The mastermind behind a $40 million scheme to sell bogus municipal bonds to investors nationwide pleaded guilty Friday to securities fraud, racketeering, and money laundering, federal prosecutors announced on Friday.

John Anthony Genetti, 45, of Santa Barbara, Calif., faces 60 years in prison and a fine of $96.6 million, Terree Bowers, U.S. attorney for the Central District of California, said last week.

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