Texas Man Gets Four Years in Prison for Investment Fraud

A Texas business owner who lied to investors about false profits while his company was actually tanking has been sentenced to 48 months in federal prison on securities fraud charges brought by the FBI.

A Fort Worth, TX judge sentenced 48-year-old Jeffre Halas to his jail time, and also required a restitution payment of $523,622, after he plead guilty to one count of mail fraud that was connected to an investment fraud scheme he ran for two years.

Operating under the name of Halco Capital Management, Halas solicited potential investors with promises that their investments would be pooled into a “limited partnership” and focused on stock and currency exchange markets. The investors were promised a specific percentage of the partnership’s earnings.

However, investments of most of the money Halas received quickly went south. To make matters worse Halas never disclosed the losses to investors, and instead issued reports containing false returns. Because of the money they believed they were earning, investors continued to to invest money with Halas. Two years into his investment fraud scheme, Halas eventually lost all of the investors’ money and had to advise them that the company was insolvent.

The case was investigated by the FBI following Halas’ arrest. He will surrender to the Bureau of Prisons in July.

If you or a loved one has been taken advantage of by an investment fraud scheme, there are legal options at your disposal. Call Sokolove Law today to learn more about pursuing a securities fraud lawsuit today. For legal help, call (800) 581-6358.

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