Investment Scam Plea - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Investment Scam Plea

Cincinnati man pleads guilty in $8 million investment scam

A man charged with defrauding investors from Cincinnati and other areas out of more than eight million dollars pleaded guilty today in US District Court in Cincinnati.

Forty-two-year-old John Patrick Kisor of Cincinnati pleaded guilty to one count each of wire fraud, securities fraud and money laundering.

Federal authorities say Kisor devised the fraud scheme between January 1999 and September 2002. Kisor is owner and operator of PDK International, incorporated in the US Virgin Islands.

Authorities say he used PDK to fraudulently obtain funds from investors who believed their money would be invested in a stock option trading program and other PDK investments.

Officials say Kisor diverted eight-point-one million dollars of the funds for his own personal use and admitted using investors' money to buy 18 cars, pay for his living expenses and gamble. He could be sentenced to a maximum of 35 years in prison and fined a total of 510 thousand dollars.

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