COBB COUNTY, GA — A man accused of taking more than $430,000 from investors for land and steel building projects in Florida was arrested.

Gary Billmyre is facing charges of theft by deception and violating Georgia’s RICO Act.

An arrest warrant says at least nine people invested thousands of dollars with Billmyre. Officials say bank records show Billmyre would immediately take the deposits out in cash, or re-direct the money to re-pay other victims and loans.

One victim says Billmyre admitted to him that the projects were “Bogus,” and told him he would pay him back.

Billmyre remains in Cobb County jail without bond.