Terry Shockley, the former owner of Eugene Rentals and Property Management Concepts who lost $3.5 million in rent and security deposits, pleaded guilty to two counts of wire fraud in Eugene District Court on Wednesday, the Register-Guard reported. Sentencing is set for Sept. 6.
The government is accusing Shockley of using rent and security deposits from the properties his firm managed for his own use.
The two counts of wire fraud accuse Shockley of communicating across state lines in an effort to cheat people out of their money. Each count carries a maximum sentence of 20 years in prison.