Brownsville Man Sentenced For Insurance Scheme

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.

See: Funding New Texas Insurance Company Proves Problematic