Follow CBSDFW.COM: Facebook | Twitter

DALLAS (CBSDFW.COM) – Kevin Kenard Howard of Dallas pled guilty today to one count of wire fraud stemming from his work with another man, Ellis Wamsley IV and the non-profit company FAIM Economic Development.

According to officials, Wamsley formed FAIM and hired Howard to work as a financial consultant. In 2010, the pair sought out a Flower Mound business owner to help generate revenue and said the money would generate funding for the non-profit’s economic development projects in South Dallas and across the country.

The business owner  wired $2 million to a FAIM brokerage account and approzimately one month later, Wamsley transferred nearly $1.8 million to an account the businessperson did not have access to. When the venture started losing money Wamsley told Howard to hid the losses from the businessperson and lie about the true balance of the account. He did.

The money was spent for Wansley and Howard’s benefit, including the purchase of a $40,000 Cadillac Escalade for Howard; a $41,000 Cadillac Escalade for a family member; and a $125,000 Aston Martin for Wamsley.   More than $200,000 of the money was also used to host a Super Bowl fund-raising event.

Wamsley, a co-defendant in the case, is scheduled to plead guilty later this month to one count of engaging in a monetary transaction with property derived from specified unlawful activity and aiding and abetting.

The prosecution of the pair is part of the Bankruptcy Fraud Initiative in the Northern District of Texas, which has convicted 13 defendants in less than two years.

(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)