A Pelham man confessed last month to defrauding eight Alabama investors out of $430,000.

Bruce Wayne Moore, 59, pled guilty to wire fraud and money laundering for his role in a complex scheme involving fake loans. He entered the plea on Jan. 11 in Huntsville federal court.

Moore admitted to lying to investors when he claimed to be able to secure funding for large commercial loans and other financial opportunities. Moore said he never intended to perform as promised and instead spent the money on himself, buying luxury cars.

Prosecutors said Moore used several bogus company names to carry out the scheme from June 2002 until March 2004. To keep the scam going, Moore repaid investors who he believed might alert authorities to his actions.

&8220;The guilty plea validates the hard work of the committed individuals who investigated this complex scheme,&8221; said U.S. Attorney Alice H. Martin, in a press release. &8220;He now faces prison and fines as a result of his fraud and scheme activities.&8221;

Sentencing is scheduled for April 11. Moore faces a maximum of 20 years in prison and fines of up to $1 million on each count