BUFFALO, N.Y. (AP) - An upstate New York man is facing up to 20 years in prison for failing to invest a Texas millionaire's money as promised.
Robert Logel of Ellicottville, south of Buffalo, pleaded guilty to a felony count of wire fraud in U.S. District Court in Buffalo Monday.
Authorities say Logel admits he received more than $2.2 million from a Dallas investor in 2003 and 2004 but never invested it in the stock of companies he promised to buy.
Logel also admitted duping a western New York dairy farmer out of nearly half a million dollars.
Sentencing is scheduled for Aug. 12.
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