Man indicted for fraud after 'Grand Prix' scheme

CINCINNATI - A man who once tried to convince Cincinnati Mayor Mark Mallory and others that he could stage a Grand Prix auto race through downtown has been indicted on federal fraud charges.

Curtis Boggs, 54, formerly of Harrison, Ohio, was charged Wednesday with mail fraud, wire fraud, securities fraud and money laundering in connection with the scheme.

U.S. Attorney Carter M. Stewart and agents with the FBI and IRS announced the charges 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.

Boggs allegedly received investments of $455,745 in exchange for shares in the “stock” of the company.

While 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 ranging from 10 percent to 50 percent for some investors.

Boggs is accused of diverting invested funds for his personal use, including buying a new car and making mortgage payments.

The indictment was returned in June and remained under seal until Boggs’ arrest on Oct. 8, when he was stopped trying to enter the United States 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 ten 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.