BROWNSVILLE – A jury on Wednesday found a Brownsville resident guilty of securities fraud and theft.
Prosecutors said Alberto Alba Villarreal, 45, sold a bogus $1 million investment contract in Nafta Holdings LLC, to help fund a new insurance company. The fraud happened in November, 2008.
Officials said Alba Villarreal instead spent the money in less than three months on personal expenses and lavish purchases.
A jury sentenced Alba Villarreal to 10 years community service and was ordered to pay $10,000 for the securities fraud. He was sentenced 5 years in prison and ordered to pay a $10,000 for the theft count.
Visiting Judge Federico Hinojosa ordered Alba Villarreal to pay $1 million in restitution to the victim.
http://m.krgv.com/news/Brownsville-Man-Sentenced-in-Securities-Fraud-Theft-Case/30759242