RICHMOND -- The former head of a Richmond-based company has pleaded guilty to defrauding investors of $132 million.

Lara Coleman of Houston pleaded guilty Tuesday to one count of conspiracy to commit mail and wire fraud and one count of lying to federal investigators. A plea agreement with federal prosecutors calls for a 10-year prison term. U.S. District Court Judge Robert Payne set sentencing for May 1.

Coleman, 40, was chief operating officer of Investment Properties of America. Prosecutors said she and other company officials misappropriated money they were supposed to be holding for owners of investment property.

Coleman's lawyer, Claire Cardwell, did not return a phone call seeking comment.

-- Associated Press