CINCINNATI (AP) -- Federal authorities say a man who told investors and city leaders he could bring a Grand Prix auto race to Cincinnati has pleaded guilty to wire fraud and money laundering.
Authorities say 54-year-old 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 country from Mexico.
The U.S. Attorney's office said Thursday that Boggs, a financial adviser who solicited investments in a company called Cincinnati Grand Prix, admitted obtaining more than $350,000.
Authorities say he used some of the funds to buy a new Lincoln and make mortgage and property tax payments.
Authorities say the agreement calls for a 27-month prison sentence, restitution and forfeiting assets from crimes.