Attorney General Andrew Cuomo said in 2003 and 2004, Roger Shearer, 61, solicited more than $45,000 from investors for a project called Gateway Commons, which, according to Shearer, included the purchase of a building and the rehabilitation of a waterfront area in Troy.

The AG said Shearer never intended to move forward with Gateway Commons, and he pocketed the money.

Shearer faces up to seven years in prison and has been ordered to make full restitution to his victims. Sentencing is scheduled for Dec. 18.