Oh, how the fake mighty have fallen. Raffaello Follieri, who just months ago was a high-flying investment operator with Ron Burkle's money and Anne Hathaway on his arm, is near an agreement to plead guilty to fraud and money-laundering charges, according to the Wall Street Journal. Follieri hasn't previously admitted guilt, but the charges against him were fairly damning. Follieri would join his father as a convicted swindler. But his decision to settle (if he actually does) doesn't mean that he couldn't have constructed a defense for himself: Mr. Follieri's move toward a guilty plea comes...

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