- Associated Press - Friday, April 6, 2018

PORTLAND, Ore. (AP) - Federal prosecutors have filed wire fraud charges against a Lake Oswego investment adviser, whom they accuse of bilking investors out of millions of dollars in a failed home-flipping scheme.

The Oregonian/OregonLive reports that charges were filed Thursday against 42-year-old Shayne Kniss. The government claims he helped himself to more than $500,000 of his investors’ money.

Kniss raised about $4.3 million from 47 investors from 2011 to 2014 through Iris Capital Management Group. Court documents say he told his clients that the money would be used to buy distressed residential properties, which they would fix up and flip. But Kniss is accused of instead funneling their money into other means because he was unable to make money in housing.


TOP STORIES
EXCLUSIVE: High-level, N.K. defector implores Trump to foment coup; tells president he's been duped
Majority of voters now oppose impeachment: Quinnipiac poll
Student's bus beating seen by millions on Twitter; mom says pro-Trump hat sparked attack


Kniss was unavailable for comment.

___



Information from: The Oregonian/OregonLive, http://www.oregonlive.com

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2019 The Washington Times, LLC.

Please read our comment policy before commenting.

 

Click to Read More and View Comments

Click to Hide