COLUMBUS (AP) — Federal authorities say a Marion businessman has pleaded guilty in an investment fraud scheme in which he received at least $1 million from about 21 investors.
John Blazer pleaded guilty Wednesday in Columbus to single counts of wire fraud and money laundering and could be sentenced to up to 20 years in prison on each one, according to a statement from the U.S. attorney for Ohio’s southern district.
A message seeking comment was left at Blazer’s attorney’s office Wednesday.
Court records say the Blazer, 70, owned several Ohio businesses from 2011 until August 2013 and promised to put investors’ money in his businesses or in other enterprises, including a gold mining operation in Africa.
Authorities say Blazer instead used investors’ money for personal expenses and to pay off previous investors.