LATHAM MAN FRAUDULENTLY SOLICITED INVESTORS AND POCKETED $45,000 IN ILL-GOTTEN GAINS FOR BOGUS WATERFRONT REAL ESTATE DEAL IN TROY

ALBANY, N.Y. (June 6, 2008) – Attorney General Andrew Cuomo today announced the indictment of a Capital region man accused of fraudulently soliciting investors for a real estate venture in Troy that he knew was bound to fail.

Roger Shearer, 61, of Farmingdale Road, Latham, was charged in a six-count indictment with third-degree grand larceny, first-degree scheme to defraud and securities fraud under the state’s “Martin Act.”

In 2003 and 2004, Shearer allegedly solicited investors for a project called Gateway Commons, which, according to Shearer, included the purchase of a building and the rehabilitation of a waterfront area in Troy, New York. Instead, according to court proceedings, Shearer solicited and pocketed $45,000 in investments after learning he would not be able to purchase the building and the venture was not going to take place.

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