Owner of failed Hastings airport pleads guilty to conspiracy charges
Fri, 25 Jul 2014 13:32:14 GMT —
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.