CLEVELAND (AP) — A federal indictment alleges an Ohio man and a California man defrauded 60 people out of more than $6.5 million through a fraudulent real-estate development investment scheme.
The indictment filed in Ohio says 41-year-old Stanley Paulic of Aurora and 45-year-old Steven Long of Mather, California, co-founded a real-estate development business with regional offices near Cleveland, Chicago and Sacramento.
Prosecutors allege the men solicited investors for funds intended for development of residential real estate in Tonapah, Arizona. The indictment says Paulic and Long conspired to convert investment money to funds for their personal use.
Paulic and Long each face single counts of wire fraud and conspiracy to commit mail fraud and wire fraud.
Long’s attorney didn’t immediately return a message left Wednesday. No attorney was listed for Paulic.