Ohio Man Pleads Guilty in New York to $5M investment scheme

BUFFALO, N.Y. (AP) — An Ohio man has pleaded guilty in New York to being part of a scheme that defrauded more than two dozen investors out of $5 million.

The U.S. Attorney's office says 55-year-old Gilbert Lynagh of Dublin, Ohio, will be sentenced in November after pleading guilty to conspiracy Thursday in federal court in Buffalo.

Prosecutors say Lynagh was involved in forming two companies and soliciting investments from 27 victims, whose money was never returned. Investigators say some it went for Lynagh's personal use.