A former Youngstown attorney and former aide to the late Congressman Jim Traficant pleaded guilty on Wednesday to some of the charges filed in connection with a scheme to defraud banks, investors and unsuspecting homeowners.

Raymond Alan Sinclair, who was indicted nearly a year ago on a dozen charges, appeared in U.S. District Court in Akron where he entered pleas of guilty to charges of bank fraud and falsely obtaining money, credit, assets, security, or property owned by a financial institution

A plea agreement worked out with the U.S. Attorney’s office was sealed.

A two-day sentencing hearing is scheduled to begin on May 10.

Sinclair's name may be familiar to those who remember the saga of former Congressman Jim Traficant who died in 2014.

Sinclair, 52, was Traficant's aide until the congressman was caught up in a racketeering and bribery scandal that led to Traficant's conviction and incarceration.

Known to many in the local legal community as R. Alan Sinclair, the lawyer's involvement in a kickback scheme with Traficant resulted in the Ohio Supreme Court suspending his license to practice law in late 2004.

It was one year later, in December 2005, when federal prosecutors say that Sinclair opened a business from his Overhill Road office in Boardman, buying, renovating, and selling real estate properties.

According to a twelve count indictment handed up by a federal grand jury last March, Sinclair's business was not on the up-and-up.

The indictment says that over a fifteen month period, Sinclair's Newport Investments and Newport Development purchased a dozen homes in Canfield, Austintown, Struthers, and Youngstown through land trusts created for each specific transaction.

Investigators say that generally, Sinclair would offer as his purchase price, the existing balance on the mortgage or loan on the house.

Prosecutors say that the sellers of the homes were led to believe that the land trusts had assumed their mortgage loans, but, in fact, Sinclair never informed the lenders about the deals.

The acquired properties would typically be conveyed to others through land contracts.

The government says that after about two to six months, Sinclair would continue to collect payments on the land contracts but stopped making mortgage payments on the properties without notifying the sellers, who were unaware that they were still obligated to pay the loans.

The indictment says that Sinclair would prey on people who were likely to seek quick sales of their homes for various reasons including homes on the market that weren't selling, sellers who had a change in employment such as job loss, transfer or retirement, and sellers who had a recent or pending divorce.

Sinclair allegedly told the sellers that he would either renovate or sell the property, or find tenants on a rent-to-own program.

According to investigators, many sellers who believed that they were discharged of their mortgage loan obligations, made commitments to other housing costs and financial obligations, often including new mortgage loans on new homes.

The indictment lists the addresses of the 12 properties and the nine lending institutions that were left holding mortgages totaling more than $880,000.

Investigators also allege that Sinclair solicited money from several investors by claiming that his companies could offer them an opportunity to earn interest rates in excess of 10%, when Sinclair knew he would not be able to pay the promised returns.

Sinclair allegedly told the investors that their money would be used to acquire and renovate several properties around the Youngstown area, when in actuality the properties needed little or no renovation.

The indictment says that as a result of false and fraudulent pretenses, five people invested a total of $147,000 in the Sinclair's companies.

The government says that two people who also played a part in the alleged scheme have not been charged.

Prosecutors say an individual only identified as “DK” was the managing partner at Commonwealth Land Title Agency in Youngstown.

The indictment says that Sinclair used DK as the primary title agent for his transactions.

In addition, Sinclair's administrative assistant identified as “SB” handled all the paperwork for Newport Investments, served as the notary public on deed transfers, and communicated directly with sellers regarding payments to various lenders.

Ironically, the Ohio Supreme Court reinstated Sinclair to the practice of law of February 2008, just over two years after he began perpetrating the alleged scheme.

Although the indictment says that Sinclair is a licensed attorney in the State of Ohio, Supreme Court records indicate that he resigned his practice in May 2012 and that disciplinary action was pending.