- Associated Press - Thursday, May 26, 2016

NEW ORLEANS (AP) - The Metairie property investor indicted last month for wire fraud has pleaded guilty.

Federal prosecutors say John F. Kelly III diverted money that investors provided for tax-delinquent property purchases to personal use.

He received wire transfers totaling more than $700,000 from two investment funds and transmitted a false accounting document related to a third fund between 2011 and 2013, according to a bill of information filed on April 29.

Kelly entered his guilty plea on Wednesday.

NOLA.com/The Times-Picayune reports (https://bit.ly/1TCKQzq) sentencing is scheduled for August.

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Information from: The New Orleans Advocate, https://www.neworleansadvocate.com

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