Property Investor From Metairie Faces Wire Fraud Charge

NEW ORLEANS (AP) — A Metairie man faces a federal wire fraud charge as prosecutors say he diverted money he solicited for property investments to personal use.
 Times-Picayune’s Ben Myers reports John F. Kelly III received wire transfers totaling more than $700,000 from two investment funds and transmitted a false accounting document related to a third fund between 2011 and 2013, according to a bill of information filed Friday. He faces up to 20 years in federal prison if convicted.

         It was not immediately clear whether Kelly has an attorney.

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         Prosecutors say Kelly specialized in tax-delinquent property purchases, and promised his investors quick returns. But he used some money to purchase other New Orleans-area real estate that he titled in the name of corporate entities he controlled, and to pay down debt.

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