Latham man admits pocketing $45K in bogus Troy waterfront deal

A Latham man admitted Wednesday to bilking Capital Region investors of tens of thousands of dollars in a real estate scam.

Roger Shearer, 61, of Farmingdale Road in Latham, pleaded guilty to soliciting investors for a real estate venture in Troy he knew would fail, said New York Attorney General Andrew Cuomo.

He was charged with violating the state Martin Act, a class E felony.

In 2003 and 2004, Shearer pitched a project he called Gateway Commons to investors, in which he said he was buying and building and rehabilitating a waterfront area in Troy.

But Shearer never intended to move forward with Gateway Commons, said Attorney General Andrew Cuomo, and never had any money to make substantial progress in the project. He ended up pocketing $45,000 from his investors.

"Not only did this man cheat investors out of tens of thousands of dollars, he scammed the entire Capital Region with false promises of an improved waterfront in the city of Troy," said Cuomo. "Schemes like this not only impact investors, they can also derail vital urban and community renewal projects that many parts of this state desperately need."

Shearer faces sentencing Dec. 18th; he has agreed to fully pay back all his victims.