Charges Announced Against Promoter of Cincinnati Grand Prix
|U.S. Attorney’s Office November 14, 2012|
CINCINNATI—A federal grand jury has charged Curtis Boggs, 54, formerly of Harrison, Ohio, with mail fraud, wire fraud, securities fraud, and money laundering in connection with a scheme he promoted to bring a Grand Prix race to Cincinnati in 2009.
Carter M. Stewart, United States Attorney for the Southern District of Ohio; Edward J. Hanko, Special Agent in Charge, Federal Bureau of Investigation (FBI); and Darryl Williams, Special Agent in Charge, Internal Revenue Service Criminal Investigation (IRS) announced the charges today following a detention hearing for Boggs.
The indictment alleges that from October 2008 through August 2009, Boggs solicited customers of his financial advisory service and other individuals to invest in a corporation called Cincinnati Grand Prix that was going to bring a Grand Prix race to Cincinnati. He allegedly received investments of $455,745 in exchange for shares in the “stock” of the company. In the course of soliciting investors, Boggs allegedly made numerous misrepresentations, including claims that his employer was affiliated with the company, that investors would be investing in gold and silver, and that certain celebrities had invested in the race. Boggs allegedly guaranteed returns of 10 percent to 50 percent for some investors.
Boggs allegedly diverted invested funds for his own personal use and benefit, including buying a new car and paying down his mortgage.
The indictment was returned in June and remained under seal until his arrest on October 8 when he was stopped trying to enter the U.S. from Mexico. Magistrate Judge Stephanie K. Bowman ordered Boggs placed on electronic monitoring until trial, which will be scheduled by Judge Susan J. Dlott, who is presiding over the case.
Mail fraud, wire fraud, and securities fraud are each punishable by up to 20 years in prison. Money laundering is punishable by up to 10 years in prison. Each crime also requires restitution to victims. The indictment also seeks forfeiture of any proceeds he received from any crimes he committed.
Stewart commended the cooperative investigation by FBI and IRS agents, as well as Assistant U.S. Attorney Tim Mangan, who is prosecuting the case.
An indictment merely contains allegations, and the defendant is presumed innocent unless proven guilty in a court of law.