PORTLAND, Ore. (AP) — Federal prosecutors have filed wire fraud charges against a Lake Oswego investment adviser, whom they accuse of bilking investors out of millions of dollars in a failed home-flipping scheme.
The Oregonian/OregonLive reports that charges were filed Thursday against 42-year-old Shayne Kniss. The government claims he helped himself to more than $500,000 of his investors’ money.
Kniss raised about $4.3 million from 47 investors from 2011 to 2014 through Iris Capital Management Group. Court documents say he told his clients that the money would be used to buy distressed residential properties, which they would fix up and flip. But Kniss is accused of instead funneling their money into other means because he was unable to make money in housing.
Kniss was unavailable for comment.