Nev. man pleads guilty to defrauding ATM investors

LAS VEGAS — The owner of a southern Nevada ATM company has pleaded guilty to federal money laundering charges.

According to an Associated Press report, Louis M. Vallette faces up to 20 years in prison and up to $500,000 in fines when he's sentenced July 9.

Vallette pleaded guilty last week after he was indicted in 2000 on charges of using his company to bilk 56 investors out of $2.7 million.

As part of his plea agreement, Vallette will have to make nearly $2 million in restitution to victims, according to the AP.

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