Ex-Hotel Owner Pleads Guilty In $500M Fraud Case

Law360, Chicago (December 12, 2012, 8:23 PM EST) -- A onetime owner of Mexican hotel properties pled guilty to securities fraud in Illinois federal court Wednesday in connection with fraudulently raising $500 million worth of investments in a scheme he admitted to running through several of his companies.

Michael E. Kelly, 63, admitted the fraud in a plea deal with prosecutors, and still faces outstanding fraud charges in an earlier, overlapping case. Prosecutor Edward Kohler told U.S. District Judge Ronald A. Guzman at Wednesday's hearing that he anticipates those other charges will be resolved in...
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