DALLAS (CBSDFW.COM) – A Dallas man who misled investors in a multi-million dollar diamond investment scheme has pleaded guilty in Federal Court.

According to federal prosecutors, 58-year old Jay Bruce Heimburger is one of three men who they say scammed investors out of nearly $6.4 million in diamond investments.

Heimburger was part of a an investment group that convinced people to put their money into diamonds. But the firm wasn’t doing as well as Heimburger and his partners promoted, in fact Worldwide Diamond Ventures went bankrupt in 2013.

But that didn’t stop Heimburger from continuing to take investor money and using it for things that had nothing to do with diamonds.

In California alone, Heimburger and his pals took in another $1.3-million.

Worldwide, the scheme brought in over  $6 million before it was shut down.

Heimburger pleaded guilty to one count of mail fraud.  He faces a penalty of 20 years in federal prison and a $250,000 fine.

Sentencing for Heimburger is set for October 16, 2016.

Co-defendant Christopher Arnold Jiongo of Houston, pleaded guilty in May 2017 to one count of wire fraud.  Jiongo is scheduled to be sentenced September 11, 2017.

Craig Allen Otteson, 65, of McKinney, is scheduled to plead guilty to his role in the scheme on July 18.

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