Executive pleads guilty to fraud

FORT MYERS — Anthony Michael Defeo, 49, of Punta Gorda, pleaded guilty to wire fraud for a scheme involving Interstate 75 road projects.

According to the U.S. Attorney's office, Defeo failed to repay investors nearly $6.3 million with a scheme to invest in lucrative contracts for construction improvements to I-75.

Defeo set up companies so that investors thought they were investing in gravel pit and fill dirt used by road-construction companies. He misrepresented to investors that he had contracts and purchase orders with a legitimate construction firm engaged in asphalt paving and road grading. Instead, Defeo diverted the money for his own purposes, the U.S. Attorney's office says in a statement.

Defeo faces a maximum of 20 years in prison. No sentencing date has been set yet by U.S. District Court Judge John Steele.