West Covina man admits running Latex glove Ponzi scheme

From the Associated Press:

LOS ANGELES -- A San Gabriel Valley man has pleaded guilty to running a Ponzi scheme that stole nearly $700,000 from victims who thought they were investing in latex gloves following the 2001 terrorist attacks and anthrax scare.
Federal prosecutors say 36-year-old Miguel Salazar pleaded guilty Tuesday to a mail fraud
charge in Los Angeles.
Prosecutors say Salazar, who ran SF Capital with his former partner, Carlos Flores, promised
investors quarterly returns of 5 percent.
He told investors that the attacks of 9/11 and concerns about infectious disease would mean
growing demand for SF Capital's product, latex gloves.
Prosecutors say Salazar used investors' money for his personal benefit, including luxury seats at Dodger Stadium worth $140,000.
He faces 20 years in federal prison when he is sentenced on May 3.