Former Business Owner Faces 60 Years In Prison for Participation In Wire Fraud

According to the Acting U.S. Attorney for the Northern District of Texas, a former business owner recently pled guilty to two counts of engaging in monetary transactions in property derived from unlawful activity and two counts of wire fraud. If convicted, he could spend up to 60 years in federal prison. He already received a prison sentence of at least five years for pleading guilty to four counts of wire fraud in another case. He was also required to pay $2,071,925 in restitution.

According to court documents, the 31-year-old man engaged in his crimes while he was on pretrial release. He established an unregistered sole proprietorship for trenching and freight services in West Texas. He was able to sell his company’s accounts receivable to other businesses through the process of “factoring.” Factoring allows upfront payment of services at a portion of the value listed on the invoices.

However, the defendant admitted to creating false invoices for services he never performed and didn’t intend to perform. He also pretended to be an employee of one of the companies he was supposedly doing business with and even obtained a phone number and email address for that identity. Through his factoring scheme, he was able to fabricate 38 invoices for a total of $12.3 million in services. He used the money he made to make multiple large purchases, including a new home and farm equipment.

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Written by: Rosenthal Kalabus & Therrian Last Updated : August 21, 2023