A Texas businessman who previously pled guilty to leading a securities fraud scheme that bilked investors out of millions of dollars will have repay the money he stole and also serve a 10-year prison sentence.
Fifty-three-year-old John Arthur Apple Jr. was sentenced to his prison term and ordered to repay the $53 million he accumulated through the securities fraud scam - which involved investments for Western Pipeline Corporation - by a Dallas federal judge on Monday. Apple acted as the majority owner of the company from October 2006 to July 2007, and acted in concert with four other employees in regularly misleading investors with false information when looking for them to invest in the company, according to The Associated Press.
One of the tactics used to mislead investors included Apple or his conspirators would assume false identities and claim to be past investors in Western Pipeline projects that had been successful when speaking with new potential investors.
In January he became the last of the fifth defendant to be convicted in the case, pleading guilty to one count of conspiracy to commit securities fraud and one count of securities fraud.
If you or a loved one has been taken advantage of by a securities fraud scam, there are legal options available to protect you. Call Sokolove Law today for a free legal consultation regarding a securities fraud lawsuit.