CROWN POINT | After being charged with 43 counts of securities fraud in 2005, an East Chicago man pleaded guilty Thursday to 11 counts of theft.

As part of a plea agreement reached with prosecutors, Elbert Elliot, 49, will be sentenced to 15 years in prison. Elliot will serve five years in prison and the remaining 10 on probation.

Elliot also agreed to pay monthly restitution to his victims totalling $538,176.40.

Prosecutors charged Elliot on Dec. 1, 2005, with selling thousands of dollars of bogus commodities to people throughout the United States.

Elliot did business under the name of Worldwide Gold Emporium Inc. He conducted business by cold-calling individuals and offering them investment opportunities in precious metals.

He convinced investors what he offered were safe investments, Elliot admitted as part of the plea.

None of the purchasers of the commodities received physical delivery of what they purchased, authorities said.

Investigators from the Indiana Secretary of State Prosecution Assistance Unit found neither Elliott nor his business were properly registered with the Indiana Secretary of State Securities Division.

Among the sales Elliott allegedly conducted were 60,000 shares of stock for $50,000 to a woman from Lubbock, Texas; more than $50,000 worth of securities and gold commodities to a man from Ridgefield, N.J.; and $70,000 worth of gold commodities to a man from New Smyrna Beach, Fla.