SEC: 'King Perry' used Ponzi cash to live like royalty

The mastermind of a long-running Ponzi scheme that collected more than $100 million from investors around the country is due in a Pennsylvania courtroom to plead guilty to a federal charge.

Federal securities regulators say Perry Santillo used some of the proceeds to fund a lavish lifestyle of cars, casino junkets and houses in multiple states. Santillo even had a song written about himself whose lyrics referred to him as "King Perry."

Santillo pleaded guilty to related charges in federal court in Rochester, New York, last month, and is scheduled to appear in Scranton, Pennsylvania today to plead guilty to a fraud count. Each charge carries a maximum 20-year prison sentence.

Prosecutors say Santillo received money from 1,000 investors, including elderly people who lost their life savings.