- Associated Press - Friday, July 25, 2014

SYRACUSE, N.Y. (AP) - An owner of a failed small airport project in central New York has pleaded guilty to conspiracy to commit bank fraud.

Fifty-eight-year-old David Pizio of Jamesville faces a maximum of 30 years in prison and a maximum fine of $1 million.

Pizio admitted Thursday in federal court he and his partners bought a 93-acre airport site in 2004 in the rural Oswego County town of Hastings for $350,0000.

Over the next five years, they received five federal grants totaling about $2.9 million to develop the airstrip, which was never completed.

The airport received a line of credit to be used for expenditures and Pizio instead invested $125,000 in a Texas real estate project without consent of the bank and also opened an investment brokerage account and funneled money into it.

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