Former Traficant aide indicted for defrauding investors

Staff report

CLEVELAND

A federal grand jury has indicted a former Youngstown lawyer and aide to U.S. Rep. James A. Traficant Jr. on 12 counts of financial-institution fraud, the U.S. Attorney said.

R. Allen Sinclair, 51, of Suwanee, Ga., was an aide to the congressman from 1998 to 2000 and resigned from Ohio law practice in March 2012.

As owner and operator of Newport Investments LLC and and Newport Development Inc. in Youngstown, Sinclair solicited money from investors, promising them annual returns of about 10 percent and telling them their funds would be used to acquire and renovate Youngstown properties.

Five investors invested a total of about $147,000, the indictment said.

Sinclair knew the properties needed little or no renovation and converted the money to his personal use, the indictment said.

Read details of the scheme in Saturday's Vindicator or on Vindy.com.