The alleged mastermind in a series of fraudulent jewelry transactions in Arizona and other states is facing up to a six-year prison sentence.
Prosecutors say Edward Brueggemeyer has entered into a plea agreement and will be sentenced Oct. 1. The Associated Press initially erroneously reported that Brueggemeyer had already been sentenced.
Brueggemeyer also will serve probation and must pay restitution after completing his prison term.
Brueggemeyer pleaded guilty in Maricopa County Superior Court to 15 counts of fraudulent schemes on Aug. 23.
Starting in October 2009, Brueggemeyer and seven other suspects allegedly purchased large quantities of stainless steel bracelets and necklaces and stamped the jewelry with 14k, 18k and .750 identifiers. Authorities say the suspects either pawned the items or received cash as scrap gold from licensed dealers.
Investigators say the scheme netted the suspects $150,000 in more than 140 Arizona transactions and as much as $500,000 across Arkansas, Louisiana, Texas and other states.