A 54-year-old charged with bilking Hawaii investors out of $1.2 million in a Kauai ponzi scheme pleaded guilty in court today. He turned himself in earlier this week after hiding out in Indonesia for the last six years. 

FBI officials said Peter Heckmann, 54, pleaded guilty to wire fraud, which has a statutory maximum penalty of 20 years in prison and a potential fine of $250,000. 

Heckmann allegedly told investors he needed money for his failing recording studio but instead used the money to pay new investors, and spent much of the money on himself.

His sentencing hearing is on July 25.  

Flickr photo via xander speer.