COBB COUNTY, Ga. — A business owner accused of stealing $450,000 from investors is facing theft by deception and RICO gang charges.
The Cobb County Sheriff’s Office Fraud unit says Gary Billmyre’s arrest comes after a months-long investigation.
Body camera video shows a sheriff’s deputy knocking on a hotel door several times before Billmyre opened it.
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In the video, Billmyre told deputies he knew there was a warrant for his arrest and that he spoke with his attorney about turning himself in.
Investigators told Channel 2 Cobb County Bureau Chief Michele Newell that Billmyre promised investors a 24% return on their investments.
Investigators say he was getting money from victims under the false pretense of a building and construction operation in Hendry County, Florida.
“He would accept money through wire transfer, usually in the amount of $55,000 per transfer, for individuals to clear land in Florida and to place metal buildings on that land,” Division Commander Ryan Mehling said.
He said there was never any indication or documents that showed land was being cleared or that Billmyre was getting construction permits.
Within minutes of receiving the money, investigators said Billmyre moved it into three or four separate personal accounts for his own personal use.
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“Mr. Billmyre had several predicate acts prior to this theft by deception,” Mehling said. “All of the money that he received was able to be rolled into the RICO case, and brought here to Cobb since we have two theft by deception cases here in Cobb County.”
Authorities say people need to do their due diligence, looking into companies before investing money in them.
Anyone who believes they were defrauded by Billmyre or his companies, GW Development LLC and Circle B Properties, should contact the sheriff’s office fraud unit at 770-499-4752.
Billmyre was booked into the Cobb County Adult Detention Center, but an attorney is not listed for him in jail records.
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