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updated: 12/9/2015 7:22 AM

Indianapolis real-estate developer pleads guilty to fraud

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INDIANAPOLIS -- An Indianapolis real-estate developer has pleaded guilty to theft and fraud charges involving $340,000.

The Indianapolis Star reports (http://indy.st/1jNWcPX ) that Cornelius "Lee" Alig changed his plea at a hearing Tuesday in Marion Superior Court. Prosecutors say he received the money via promissory notes he wasn't able to repay.

Most charges against Alig were dropped as part of a plea deal with Marion County prosecutors. The deal calls for a two to eight year sentence. Alig also must pay restitution. He is to be sentenced Jan. 29.

An investigation into Alig started in 2012. That's when the promissory notes were found. Prosecutors say one of the notes was issued just before Alig filed for personal bankruptcy.

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Information from: The Indianapolis Star, http://www.indystar.com

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