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Cash 4 Titles businessman pleads guilty to fraud

American businessman Michael Gause has pleaded guilty to securities fraud, conspiracy to commit fraud,  and money laundering charges in relation to the Ponzi scheme known as Cash 4 Titles. Gause changed his plea to guilty to six counts on January 3, 2001 and is due to be sentenced on May 4. He faces up to 20 years in prison and a fine of twice the amount lost in the scam.