ALBANY — A Latham man has admitted to soliciting investors for a Troy real estate venture he had no intention on following through on.

The state Attorney General's Office said Roger Shearer, 61, of Farmingdale Road, solicited investors in 2003 and 2004 for a project called Gateway Commons, which, according to Shearer, included the purchase of a building and the rehabilitation of a waterfront area in Troy. In reality, the Attorney General's Office said, Shearer never intended to move forward with Gateway Commons and used the scheme to pocket $45,000 from investors.

Shearer pleaded guilty today in Albany County Court to a felony count of violating the state Martin Act, the Attorney General's Office said. Shearer will be sentenced Dec. 18 and has agreed to make full restitution to his victims.

"Not only did this man cheat investors out of tens of thousands of dollars, he scammed the entire Capital Region with false promises of an improved waterfront in the city of Troy," said Attorney General Andrew Cuomo. "Schemes like this not only impact investors, they can also derail vital urban and community renewal projects that many parts of this state desperately need."