Former Owner Of Sub Shop Chain Admits Defrauding Investors

UTICA, N.Y. (AP) — The former owner of more than 40 Jreck Sub shops in northern New York has pleaded guilty to defrauding investors out of millions of dollars.

Prosecutors say 46-year-old Christopher Swartz of Watertown pleaded guilty to fraud and tax evasion Monday in U.S. District Court in Utica (YOO'-tih-kuh).

Swartz, who owned the Watertown-based restaurant company from 2005 to 2015, admitted to defrauding lenders and investors in his franchises with false representations.

Prosecutors say he defrauded at least 10 people out of more than $9.5 million.

He faces up to 20 years in prison and a $250,000 fine plus restitution when he's sentenced in January.

[STORY BY: THE ASSOCIATED PRESS]