Running Horse developer pleads guilty in fraud
- Published on 07/26/2012 - 2:40 pm
- Written by Associated Press
(AP) — A California man has pleaded guilty to federal charges that he defrauded investors out of $16 million in a Fresno golf course and housing project.
Thomas O'Meara entered the plea on Wednesday to wire fraud and money laundering.
Prosecutors say the former Carmel real estate developer recruited more than 50 people to invest in the 18-hole golf course and gated housing development. The Running Horse course was designed by golfer Jack Nicklaus' firm and was supposed to host a PGA event.
According to the indictment, O'Meara lied about Nicklaus' firm and the PGA Tour's confidence in the development and its financial condition. The project eventually failed.
Prosecutors say the 65-year-old O'Meara has agreed to pay at least $7 million in restitution to the victims. He is scheduled to be sentenced on Nov. 14.