Congressman Randy “Duke” Cunningham (R-CA) pled guilty today to charges of conspiracy to commit mail fraud and wire fraud and tax evasion. The charges stem from Cunningham “selling” his house for an inflated price; the new owner then immediately re-sold the house and had a $700,000 loss. This while the San Diego housing marketing was skyrocketing.
Cunningham, who represents a San Diego area district, faces several hundred thousand dollars in fines and up to ten years in prison.