Former businessman Alton S. Minton agreed to plead guilty to wire fraud at a federal court hearing Friday.
Minton, 46, signed a plea agreement with federal prosecutors Friday stating that he should be sentenced to between 27 and 33 months in prison followed by three years of supervised release. As part of the agreement, he would also pay at least $866,000 in restitution to his victims.
Two years ago, a federal grand jury indicted Minton on one count of wire fraud for his part in a fractional-ownership yacht company — YachtOne Holdings LLC — in which he helped set up a company for investors to purchase interests in yachts similarly to a time share.
The government contended Minton’s job to market the business but that he instead schemed to defraud his business partners and others.
Minton sought capital from investors and promised them stock and ownership shares, something the company wasn’t set up to do. Minton then set up bank accounts in the names of fake companies and pocketed the investors’ money.
A sentencing hearing is set for April 20.