Ponzi schemer 'King Perry' pleads guilty

The mastermind of a long-running Ponzi scheme that collected more than $100 million from investors around the country has pleaded guilty to a federal charge.

Perry Santillo pleaded guilty in Scranton, Pennsylvania, to a fraud count. He pleaded guilty to related charges last month in Rochester, New York.

Each charge carries a maximum 20-year prison sentence.

Federal securities regulators say Santillo used some of the proceeds of his scheme 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."

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

Santillo's lawyer is declining to comment.