Man pleads guilty in Cincinnati Grand Prix fraud
January 3, 2013
New Sportsbook.com customers: Make your 1st bet, get your 2nd bet free, 100%, winnings paid in cash.
Already have an account? Click here to view new Exclusive Rewards!
CINCINNATI (AP) - A man who told investors and Cincinnati leaders he could bring a Grand Prix auto race to the city has pleaded guilty to wire fraud and money laundering.
Authorities say financial adviser Curtis Boggs fled Cincinnati months ago after it became apparent there would be no race. The FBI arrested him last October, when authorities say he tried to re-enter the United States from Mexico.
The U.S. attorney's office said Thursday that Boggs solicited investments in a company called Cincinnati Grand Prix and admits obtaining more than $350,000.
Authorities say he used some of the money to buy a new luxury automobile and make mortgage and property tax payments.
Authorities say the 54-year-old's plea agreement calls for a prison sentence of just over two years, restitution and forfeiting assets from crimes.
The Associated Press News Service
The Associated Press
All Rights Reserved