LATHAM MAN FRAUDULENTLY SOLICITED INVESTORS AND POCKETED $45,000 IN ILL-GOTTEN GAINS FOR BOGUS WATERFRONT REAL ESTATE DEAL IN TROY
ALBANY, N.Y. (June 6, 2008) – Attorney General Andrew Cuomo today announced the indictment of a Capital region man accused of fraudulently soliciting investors for a real estate venture in Troy that he knew was bound to fail.
Roger Shearer, 61, of Farmingdale Road, Latham, was charged in a six-count indictment with third-degree grand larceny, first-degree scheme to defraud and securities fraud under the state’s “Martin Act.”
In 2003 and 2004, Shearer allegedly solicited investors for a project called Gateway Commons, which, according to Shearer, included the purchase of a building and the rehabilitation of a waterfront area in Troy, New York. Instead, according to court proceedings, Shearer solicited and pocketed $45,000 in investments after learning he would not be able to purchase the building and the venture was not going to take place.
Roger Shearer, 61, of Farmingdale Road, Latham, was charged in a six-count indictment with third-degree grand larceny, first-degree scheme to defraud and securities fraud under the state’s “Martin Act.”
In 2003 and 2004, Shearer allegedly solicited investors for a project called Gateway Commons, which, according to Shearer, included the purchase of a building and the rehabilitation of a waterfront area in Troy, New York. Instead, according to court proceedings, Shearer solicited and pocketed $45,000 in investments after learning he would not be able to purchase the building and the venture was not going to take place.
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