CLEVELAND, Ohio -- An Akron businessman who ripped off investors to the tune of more than $2.6 million was sentenced Tuesday to two years in federal prison.

Timothy McShane, 55, lied to investors and used money for personal expenses and other ventures, even though he solicited it for certain projects. Many of the victims were friends and family members, Assistant U.S. Attorney Chelsea Rice said at Tuesday's sentencing.

McShane pleaded guilty in August to wire fraud. U.S. District Judge James Gwin's sentence was slightly lower than the one requested by prosecutors but the judge cited the average nationwide sentence for carrying out crimes similar to the ones McShane committed.

Hank Meyer, McShane's attorney, pushed the judge to give his client probation, though Gwin questioned him on what kind of message that would send if he granted the request.

McShane was also ordered to pay more than $2 million in restitution. About $500,000 of the money McShane caused investors to lose was recovered, the judge noted.

McShane formed a series of companies in New Mexico and Nevada between 2008 and 2012, including Rancho Hidalgo, Lordsburg Land Development, Hidalgo Alfalfa Company, New Mexico Natural Beef & Pork and Firewater Hydrogen Fuel.

Charging documents said McShane, who owned McShane Construct All International, and business partner Eugene Turner solicited investors in their ventures between 2008 and 2013. The businessmen gave $2.3 million worth of promissory notes in exchange for investments and sold $341,000 worth of founders' shares.

The promissory notes guaranteed returns based on the company being profitable. However, McShane and Turner defrauded investors by lying to them and omitting facts about their companies' financial conditions -- which were poor -- and how the money was being used, prosecutors said.

McShane and Turner told investors that their money would be used to pay for operations for a specific company, even though they commingled money, moved it to pay for other projects and used it for their personal expenses, authorities said. They also lied about people they working with, telling investors that well-respected people were working with the companies.

McShane apologized for his crimes. Kathy Royle, a friend who lost more than $100,000 in retirement savings, also asked a judge to give him probation.

She said she believed McShane had done everything he could to protect the investments, and that Turner was more culpable.

Turner was charged Thursday with wire fraud. He was charged via a criminal information, which usually means a plea agreement is forthcoming.

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