(Cincinnati) -- Curtis Boggs promised to invest his clients' money in precious metals.  He told other people that with the right financial support, he could bring a Gran Prix race to the streets of Cincinnati.  Boggs raised more than $352,000, and disappeared, before he was arrested in California, late last year.

The US Attorney's office got involved when investors complained, and some filed civil suits.  Assistant US Attorney Tim Mangan says Boggs was using the money for his own needs, allegedly buying a car, and paying down his mortgage. 

While Boggs talked to city leaders about bringing a Gran Prix race to Cincinnati, he never got government money for the effort.

Boggs plead guilty to money laundering and fraud.  He will likely serve more than two years in prison, and have to repay the money.  Mangan says when he is sentenced this spring, the judge could also tack on a fine.

Boggs is out on bond.