An executive at a U.S.-based investment scheme that also targeted Canadians pled guilty to conspiracy charges, the U.S. Federal Bureau of Investigation announced Tuesday.

The FBI said that Preston Pinkett, III, 68, of Alexandria, Virginia, pled guilty to conspiracy to commit mail fraud relating to an investment scheme in the United States and Canada.

According to the statement of facts filed with his plea agreement, Pinkett served as president and CEO of International Fiduciary Corp., SA. From 2004 through 2006, Pinkett and his coconspirators convinced over 180 investors to invest in IFC’s “Asset Growth Program,” falsely claiming that they would reap returns from “medium term bank notes.” In fact, IFC was a corporate front for an international Ponzi scheme that received over US$40 million in fraudulently obtained investments, the FBI noted.

Sentencing has been set for March 6, 2009. Pinkett faces a maximum penalty of 20 years imprisonment, a fine of US$250,000 or twice the amount of the losses caused, three years of supervised release, and full restitution.