A major Democratic donor and political activist is facing the possibility of decades behind bars after admitting to a large-scale financial fraud scheme that defrauded investors of hundreds of millions of dollars.

The Department of Justice announced late last week that Joseph Sanberg, a California entrepreneur and philanthropist, has reached a plea deal in which he will plead guilty to two counts of wire fraud. Each charge carries a maximum sentence of 20 years in federal prison, meaning Sanberg could face as much as 40 years behind bars if the court imposes the maximum penalty. Continues…