Minneapolis, MN (NNCNOW.com) - A former Chisholm, Minnesota man has pleaded guilty to defrauding his classic car customers out of more than one million dollars.
Edwin Scott Verdung, 26, operated Memory Lane Classics, an Iron Range company that restored and rebuilt cars.
Now living in Michigan, Verdung pleaded guilty in Federal Court Thursday to one count of wire fraud and one count of transaction money laundering.
In his plea agreement, he admitted that from April 2007 through May 2010, he took money from people who were in the market for classic automobiles or who brought their own vehicles into the shop to be restored or rebuilt.
Verdung faces a potential maximum penalty of 30 years on both offenses.
Sentencing will be held at a later date.