Gregory Harry pleaded guilty to one count of securities fraud in federal court and faces up to 20 years and $5 million fine. According to the agreement, Harry, a partner at Global Group Inc., with offices in Orange County allegedly created a false newsletter about a fake company in the oil business with huge profits. Harry and his partners new the company was a shell and worth less than $130,000.

In the plea, Harry admitted to selling shares of stock in the shell company making millions of dollars. According to earlier reports, the sale netted over $ 6 million.