A Michigan man who swindled ex-Red Wings hockey star Sergei Fedorov out of $43 million has been convicted of 15 counts of mail fraud, the U.S. Attorney for the Southern District of Florida announced Thursday.

The entire scheme involved several investors who were cheated out of $50 million in a Ponzi scheme that spanned ten years, Wifredo A. Ferrer, U.S. Attorney for the Southern District of Florida, says.

Following a six-week trial in Federal District Court in Miami, Joseph P. Zada, formerly of Wellington, Fla., and now of Grosse Pointe Shores, Mich., swindled victims including Fedorov, a former Olympic equestrian champion, a veterinarian, a jeweler and a pawnbroker, as well as a number of firefighters, Ferrer says. Fedorov won three Stanley Cups and a Hart Trophy as the NHL’s most valuable player while he was a Detroit Red Wing from 1990-2003.

Zada told the victims that he was investing their money in oil and currency trading through a top-secret board headquartered in London. In truth, he never invested their money, but instead squandered it on a lavish jet-set lifestyle, which included mansions in Florida and Michigan, luxury cars and lavish parties.

Zada swindled the money by pretending to be a rich and successful businessman with ties to Saudi Arabian oil ventures. Zada told potential investors that he could quickly turn investments into large profits.

When victims tried to get their investment money back, Zada claimed he was awaiting a billion dollar inheritance from a member of the royal family of Saudi Arabia, but the inheritance never materialized. Zada faces up to 20 years in prison for each of the 15 counts. His sentencing is scheduled for Nov. 20.