Legal Justice
Former Texas lawyer accused of bilking purchasers for at the least $20M is sentenced for ‘Ponzi-type scheme’
A former lawyer in San Antonio has been sentenced to 50 years in jail for depositing shopper cash into his accounts after which utilizing it to pay different shopper money owed and help his “extravagant life-style,” in keeping with federal prosecutors and courtroom data. (Picture from Shutterstock)
A former lawyer in San Antonio has been sentenced to 50 years in jail for depositing shopper cash into his accounts after which utilizing it to pay different shopper money owed and help his “extravagant life-style,” in keeping with federal prosecutors and courtroom data.
Former lawyer Christopher John Pettit, 56, of San Antonio was sentenced Wednesday for the “Ponzi-type scheme,” in keeping with a Feb. 21 press release by the U.S. legal professional for the Western District of Texas.
Pettit’s victims misplaced an estimated $20 million to $65 million, prosecutors say.
Pettit pleaded guilty to 3 counts of wire fraud and three counts of cash laundering in October 2023.
Defrauded purchasers thought that their cash can be used for companies comparable to dwelling trusts, irrevocable trusts, property planning companies, investments and actual property transactions.
Pettit gave up his regulation license in 2022 and filed for chapter the identical 12 months, in keeping with prior protection.
Pettit is represented by Matthew T. Allen. He didn’t instantly reply to an ABA Journal e-mail searching for remark.
Law360 had protection of sentencing.