Man pleads guilty in Cincinnati Grand Prix fraud

Updated: January 3, 2013, 6:47 PM ET
Associated Press

CINCINNATI -- 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.

Copyright 2013 by The Associated Press

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