On June 26, a former Texas lawmaker was sentenced to 12 years in prison after he was convicted of running a large Ponzi scheme. The 54-year-old man had been convicted on 11 felony charges associated with the fraudulent scheme.
He was accused of using his standing to defraud investors of millions of dollars. Further, he was accused of exploiting one of his investors. He reportedly took $900,000 from her. The case involved testimony from nearly two dozen witnesses, including defrauded investors, FBI agents and IRS agents. However, his defense attorneys said that the former state senator did not realize that he was involved in a Ponzi scheme.
The former senator was ultimately found guilty on a number of associated charges, including five counts of wire fraud, two counts of conspiracy, two counts of securities fraud and other offenses. He was set to be tried on a separate case for bribery after he was accused on splitting about $850,000 in payouts with a Reeves County judge. Additionally, he is also involved in a pending civil fraud lawsuit.
People who have been handed federal crime charges may face serious legal consequences such as prison time and major fines. Further, those who are charged may face repercussions when it comes to their jobs or elected positions. Because the consequences have the potential to have a major impact on an accused person's future, a criminal law attorney may open an independent investigation into the accusations. This investigation may include reviewing testimony and any evidence against the person in order to look for any inconsistencies. In some cases, the attorney may be able to keep some evidence out of court or negotiate reduced charges.
Source: Courthouse News, "Ex-Texas Lawmaker Gets 12 Years for Ponzi Scheme", June 26, 2018