SYRACUSE, N.Y. (AP) — A second owner of a failed small airport project in central New York has pleaded guilty to conspiracy to commit bank fraud.
Fifty-nine-year-old Kenneth Coon Jr. of Cato admitted in federal court that he and his partners in Syracuse Suburban Airport LLC defrauded a bank out of more than $300,000 between 2004 and 2009.
Coon admitted Thursday the group obtained a $650,000 line of credit that was only supposed to be used for airport expenses that were reimbursable through Federal Aviation Administration grants. Instead, they invested some of that money in a Texas real estate project.
The company received $2.9 million in grants from the FAA to develop an Oswego County airstrip, which was never completed.
Fifty-eight-year-old David Pizio of Jamesville pleaded guilty in July to the same charge.