Property Investor From Metairie Faces Wire Fraud Charge
NEW ORLEANS (AP) — A Metairie man faces a federal wire fraud charge as prosecutors say he diverted money he solicited for property investments to personal use.
NOLA.com/The Times-Picayune’s Ben Myers reports John F. Kelly III received wire transfers totaling more than $700,000 from two investment funds and transmitted a false accounting document related to a third fund between 2011 and 2013, according to a bill of information filed Friday. He faces up to 20 years in federal prison if convicted.
It was not immediately clear whether Kelly has an attorney.
Prosecutors say Kelly specialized in tax-delinquent property purchases, and promised his investors quick returns. But he used some money to purchase other New Orleans-area real estate that he titled in the name of corporate entities he controlled, and to pay down debt.