- Associated Press - Tuesday, January 23, 2018

SAN ANTONIO (AP) - A Texas state senator is facing fraud charges in connection with his role at a now-defunct oil field services company that federal prosecutors say was a Ponzi scheme.

The federal criminal fraud case against Democratic Sen. Carlos Uresti of San Antonio opened Monday. The nearly dozen charges against Uresti include securities fraud, wire fraud and money laundering. His co-defendant Gary Cain faces nine felony charges and is being tried alongside the lawmaker.

Prosecutors say Uresti pushed a client to invest large portions of a settlement she received in a wrongful death lawsuit in FourWinds Logistics, a fracking sand company that went bankrupt in 2015. Prosecutors say Uresti and Cain lied to investors to make money.

Uresti’s attorney says the lawmaker had no knowledge the company’s head was squandering money on expenses unrelated to the company’s business.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More

Click to Hide