An 82-year-old New York man who claimed to be a money manager has pleaded guilty to wire fraud in an investment scheme that cost one investor $5 million, according to the U.S. Attorney for the Eastern District of New York.

Thomas Bannon, the president of Overseas Investors LLC and Overseas Investors International Ltd.,  pleaded guilty last week in federal court in Brooklyn, N.Y. He is scheduled to be sentenced in October and will face up to 20 years in prison and restitution of $5,001,949 to the defrauded entrepreneur.

“Thomas Bannon claimed to be a money manager who had access to millions of dollars. In reality, Bannon was a con man and the only access he had was to the phony bank documents that he used to perpetrate this bold fraud,” says U.S. Attorney Loretta E. Lynch.

Bannon lied to the investor about his access to hedge funds and wealthy investors and fabricated documents on HSBC letterhead, the U.S. Attorney says. He convinced the victim to invest $5 million to gain access to a $100 million line of credit and concealed from the victim that he obtained $600,000 from the funds for himself.