A Baltimore home builder pleaded guilty Thursday in connection with a construction investment scheme that defrauded victims of more than $14 million, the Maryland U.S. attorney's office said.
Brian McCloskey, 44, spent at least two years — from 2009 to 2011 — targeting people with money to invest in construction projects or who needed financing for their own projects, including a hotel in
Instead, he and co-conspirators "fraudulently" removed the money — typically within two weeks — to pay off debts or to make "lulling" payments to other victims, the Maryland U.S. attorney's office said.
A co-defendant, attorney Kevin Sniffen of Phoenix, has also pleaded guilty
Sentencing for McCloskey — who faces up to 20 years in prison — is scheduled for Aug. 21. He operated several companies, including the McCloskey Group LLC and Kellen Property & Investment LLC.