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Another Democrat in trouble: Texan indicted for investment Ponzi Scheme, and could face 200 years in prison

Politics

Another Democrat in trouble: Texan indicted for investment Ponzi Scheme, and could face 200 years in prison

Here we go again. Another Democrat is facing up to spend the rest of his life in prison because of his scheming ways. But did he think that he was too good to get caught? Former Democrat Congresswoman Corrine Brown faces 300 years for her crimes.

On Tuesday, as reported by Wayne Dupree, Texas State Sen. Carlos Uresti was indicted on 13 charges that included creating a Ponzi scheme to market hydraulic fracturing sand for oil production, also known as ‘fracking’.

So what is a Ponzi scheme? A Ponzi scheme is a fraudulent investing scam that promises high rates of return with little risk to investors. It is a financial scam that generates returns for older investors by acquiring new investors. Similarly to a pyramid scheme, Ponzi schemes eventually unravel, because there is never enough money to go around to pay back the latest investors.

So it seems that Uresti is scoring another point on behalf of the Democrats. The Texas native is facing multiple charges including wire fraud, securities fraud, engaging in monetary transactions in property derived from specified unlawful activity; To add further insult to injury, he also faced one count of being an unregistered securities broker. Who would have thought?


Uresti, who denied any wrongdoing, was indicted on 13 different charges that carry more than 200 years in prison if found guilty on all counts. Talk about legal hot water!

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According to the indictment that was unsealed Tuesday afternoon, 45-year-old former FourWinds CEO Stanley Bates, and consultant Gary L. Cain, 60, each face conspiracy and numerous other charges related to their work at FourWinds, a now-defunct oil-field services company accused of defrauding investors. The indictment also accuses Uresti, Bates, and Cain of developing an “investment Ponzi scheme to market hydraulic fracturing (fracking) sand for oil production,” said the Justice Department.

“The charges against me are groundless and I look forward to proving my innocence in a court of law at the appropriate time. I will enter a plea of not guilty and immediately return to work representing District 19,” Uresti said in a statement.

It’s a crazy world out there. You never know when your government Senators are going to brazen enough to commit fraud. Yawn.

So now it’s time for you to share your views. Do you think that Democrats can get away with everything, they do? Share this news on Facebook and Twitter to get the conversation started!

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