PORTLAND, Ore. (AP) -- A former Lake Oswego investment adviser pleaded guilty to wire fraud after federal prosecutors said he bilked clients during a failed home-flipping scheme.
Shayne Kniss raised about $4.3 million from 47 investors from 2011 to 2013 through Iris Capital Management Group.
Prosecutors say he told clients the money would be used to buy distressed residential properties, which they would fix up and flip. But Kniss helped himself to more than $500,000, using some of the money to invest in a marijuana enterprise.
Kniss pleaded guilty Tuesday and will be sentenced Aug. 22.