A North Carolina man has pleaded guilty in New York in an $80 million Ponzi scheme that relied on victims believing they were investing in automatic teller machines even though the ATMs were never bought.

Vance Moore II entered the plea in federal court in Manhattan on Monday to conspiracy to commit wire fraud and other charges.

The 55-year-old Raleigh man faces between eight and 10 years in prison at a sentencing date that was not immediately set.

He also has agreed to forfeit $50 million and any right to properties in North Carolina and Florida.

Prosecutors said Moore falsely represented that investors had purchased more than 4,000 ATMs when 90 percent of the machines did not exist or were not owned by Moore.