CINCINNATI, OH (FOX19) - A Cincinnati Grand Prix promoter was sentenced on Wednesday in a wire fraud and money laundering scheme.
Curtis Boggs, 54, formerly of Harrison, was sentenced in U.S. District Court to 27 months in prison and ordered to pay $352,745 in restitution.
Court documents indicate Boggs was employed by an insurance company as an investment advisor. Beginning in October 2008 and continuing through August 2009, he reportedly solicited customers to invest in gold and silver, or in a grand prix race.
The investments were made through a corporation called Cincinnati Grand Prix (CGP). Boggs admitted to fraudulently obtaining investments of at least $352,745 in exchange for shares of CGP 'stock'.
"Although some of the money was spent to developing the race, significant sums of money were also spent on the Defendant's personal expenses," Assistant U.S. Attorney Tim Mangan wrote in a memorandum filed with the court prior to sentencing.
Prosecutors say around October 2008, Boggs purchased a Lincoln MKX for personal use. The car was funded by using $27,232 in laundered money.
He was indicted by a federal grand jury in June and arrested in October 2012 when he was stopped trying to enter the U.S. from Mexico.
In January 2013, he plead guilty to one count each of wire fraud and money laundering.