A venture capitalist fund manager has admitted to paying for billboards in Wisconsin and Ohio that warned "voter fraud is a felony."

A joint investigation by theGrio and One Wisconsin Now uncovered on Monday that Milwaukee’s Einhorn Family Foundation anonymously funded the billboards, which went up in mostly low-income neighborhoods. Liberal and progressive groups said the billboards were part of an effort to suppress voter turnout.

Stephen Einhorn acknowledged late Monday that he and his wife had paid for the billboards.

"Stephen and Nancy Einhorn placed these billboards as a public service because voter fraud - whether by Republicans or Democrats - undermines our democratic process," the Einhorns said in a statement. "By reminding people of the possible consequences of illegal voting, we hope to help the upcoming election be decided by legally registered voters."

But One Wisconsin Now was skeptical that the billboards were a "public service." The group questioned "why the Einhorns only felt it was necessary to target legal voters in minority communities" and why they hid "behind the cowardly veil of anonymity."

According to the Milwaukee-Wisconsin Journal Sentinel, the Einhorns have donated to numerous Republican candidates.

Clear Channel recently took down the controversial billboards, citing their policy against anonymous political ads.

[Vote here via Shutterstock]