Sterling Group figure pleads guilty

Eric Stein pleaded guilty to 73 counts of a 119-count indictment alleging conspiracy, money laundering and mail fraud for his role in a Las Vegas investment scam.

The U.S. Attorney's office said Stein, a key figure with the Sterling Group, admitted to engaging in a Ponzi scheme in which investors received profits for their investments coming not from earnings of the underlying business, but from funds obtained from new investors.

The Sterling Group sold "Media Units" to purchase television commercials for the sale of various products. The government said Stein admitted to participation in the laundering of about $34 million obtained from investors through fraudulent inducements.

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