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1:52 AM Fri, Oct. 19th

Prosecutors: Magazine subscription scam took nearly $500K

Raheem Oliver, who has pleaded guilty to a magazine scam in Alexandria, Va., is shown in this undated photo from Arizona Department of Corrections. (Arizona Department of Corrections)

Raheem Oliver, who has pleaded guilty to a magazine scam in Alexandria, Va., is shown in this undated photo from Arizona Department of Corrections. (Arizona Department of Corrections)

ALEXANDRIA, Va. (AP) — An Arizona man has pleaded guilty to scamming consumers out of hundreds of thousands of dollars by operating a fake magazine-subscription company.

Thirty-eight-year-old Raheem Oliver of Phoenix pleaded guilty Monday in federal court in Alexandria, Virginia, to fraud conspiracy charges. He admitted running a company that preyed on elderly consumers, demanding large payments for supposedly overdue magazine subscriptions.

Court documents say two elderly consumers in Virginia were each scammed out of more than $50,000 when they were told they owed fines and legal fees for unpaid subscription renewals.

Court documents also indicate the multi-year fraud victimized approximately 250 people. Prosecutors estimate the fraud totaled nearly $500,000.

Oliver will be sentenced in June and faces up to 20 years in prison.