Memorial Day used as test video
CINCINNATI — A 69-year-old Forsyth County man has pleaded guilty in U.S. District Court to one count of securities fraud.
The U.S. Attorney’s Office for the Southern District of Ohio and the Federal Bureau of Investigation said in a news release that Charles H. “Duke” Sheehan III of Cumming entered the plea Friday.
According to court documents, Sheehan represented himself to be the president and CEO of a purported Georgia-based charity called the Southern Foundation for the Advancement of Arts and Education.
Sheehan reportedly promised a Cincinnati-based real estate development group that he would invest $1 million from it, along with funds from the Southern Foundation, in a series of investments.
But instead of investing the $1 million wired to him, Sheehan distributed the funds to himself and others.
According to the news release, he pleaded guilty to defrauding investors with respect to the Southern Foundation and the use of the investor funds.
Sheehan has agreed to pay restitution in the amount of $1 million.