ST. LOUIS, Mo. (First Alert 4) - Two Missouri men confessed to operating a long-running Ponzi scheme that cost more than 90 victims at least $3 million.

James “Jim” Johnson, 77, and Darrell Niswonger, 68, each pleaded guilty to one count of wire fraud, securities fraud and investment advisor fraud. Niswonger additionally pleaded guilty to four additional counts of wire fraud.

Both men admitted to starting the scheme in 2006 and claimed they were investigating client funds in municipal bonds when they really used the money to fund lavish lifestyles.

Both men are scheduled to be sentenced in November.

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