Texas Investment Manager Admits To $72M Ponzi Scheme

Law360, New York (August 22, 2013, 6:29 PM EDT) -- A Houston-based investment manager on Wednesday pled guilty to orchestrating a $72 million Ponzi scheme, according to court documents and authorities.

Robert J. Andres, 62, pleaded guilty to one count of wire fraud before U.S. District Judge Robert J. Shelby in Utah federal court, admitting he carried out a scheme that fraudulently raised $72 million from investors through his Winsome Investment Trust outfit, according to court records and the Federal Bureau of Investigation. Andres was indicted on five counts of wire fraud.

Andres has agreed to...
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