Man Behind Ponzi Scheme That Led to Arrest of Texas State Senator Sentenced to 15 Years

No Comment 19 Views

A co-conspirator of former state senator Carlos Uresti was sentenced Tuesday to 15 years in federal prison months after pleading guilty for his part in a scheme that stole millions of dollars from investors.

Stanley Bates, the former CEO of failed fracking sand company FourWinds Logistics, cried in court and let out an audible gasp as Judge David Ezra announced the sentence.

Victimized investors, including star witness Denise Cantu, testified about how the actions of Bates, Uresti and Gary Cain damaged their lives. Cantu alone said she lost $900,000.

“These men knew how I received this money, and the great loss and pain,” said Cantu, who at times stared at Bates as she recalled the 2010 car crash that killed two of her five children.

Read the original article here:

Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.

Share This Page
Industry Webinars
FEATURED Solutions