Complinet logo
Contact us

Former financial advisor admits running investment scheme and laundering proceeds

Jan 04 2013 Brett Wolf, Compliance Complete

A former insurance company financial advisor in Ohio on Thursday pleaded guilty to federal wire fraud and money laundering charges for swindling investors out of hundreds of thousands of dollars and washing proceeds through an account at Fifth Third Bank. Between October 2008 and August 2009, Curtis Boggs used a corporation called Cincinnati Grand Prix (CGP) to solicit investments in, among other things, a grand prix race he was purportedly going to bring to Cincinnati, his plea agreement states. Investors thought they were buying stock in CGP, court documents state. The more than $350,000 Boggs collected was not used to promote the race, but was used to pay property taxes and the mortgage on Boggs' house. A federal grand jury indicted Boggs, 54, in June. He was arrested in October while trying to enter the U.S. from Mexico. In October 2008, Boggs, formerly of Harrison, Ohio, received a check for more than $90,000 from an investor and deposited into a Fifth Third Bank account

Already have an account?

Log in

Want to read this article?

Click here for a free 14 day trial