Federal prosecutors say the owner of a Virginia coffee roasting company has pleaded guilty in fraud schemes that resulted in $16 million in illegal proceeds.

Forty-six-year-old Hanif Hassan Moledina, formerly of Great Falls, pleaded guilty on Thursday to four counts of wire fraud. He will be sentenced on Jan. 29.

According to his plea agreement, Moledina was the majority owner and operator of Bean East Corp. in Luray. Prosecutors say he began a Ponzi scheme in 2004, telling friends and associates that he had contracts to buy coffee beans from Colombia. No such contracts existed.

Moledina borrowed more than $8 million from about 26 people. He also obtained millions in several other fraudulent ventures.