Texas State Sen. Carlos Uresti, a Democrat from San Antonio, has been charged by federal authorities with bribery, wire fraud, conspiracy to commit money laundering, and securities fraud.
If convicted, he faces a 200-year sentence.
Prosecutors allege that Uresti and former executives for defunct frac-sand company FourWinds Logistics defrauded investors in a Ponzi-like scheme during their time with the company. Three other FourWinds employees have already pleaded guilty.
“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.
Read more here: mysanantonio.com
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