Mar.16, 2010, 6:16 P.M. ET

A Pennsylvania man pleaded guilty Tuesday to two counts of wire fraud and one count of money laundering in connection with a $12 million Ponzi scheme, according to U.S. Attorney Michael Levy.

Michael Alexander, 59 years old, of Villanova, Pa., faces a maximum possible sentence of 60 years in prison and a maximum fine of $1 million. Sentencing is scheduled June 16.

Alexander was accused of presenting himself as a hedge-fund manager but using money from investors for personal expenses, while providing those investors with false monthly financial statements indicating their investments were profitable.