Houston Man Ordered To Pay $3.2M For Fraud Scheme

Law360, New York (June 9, 2011, 6:00 PM EDT) -- A federal judge in Texas on Thursday ordered a Houston businessman who allegedly raised $10 million in a fraudulent securities offering to hand over $3.2 million.

In an order filed in the Southern District of Texas, U.S. District Judge Nancy F. Atlas said Albert Fase Kaleta must pay $1.5 million in disgorgement, a $1.5 million civil penalty and $246,979 in prejudgment interest for his role in the scheme, in which he netted about $5.5 million from April 2008 to September 2009.

Kaleta told 50 investors that...
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Case Information

Case Title

Securities & Exchange Commission v. Kaleta et al


Case Number

4:09-cv-03674

Court

Texas Southern

Nature of Suit

850(Securities/Commodities)

Judge

Judge Nancy F. Atlas

Date Filed

November 13, 2009

Government Agencies

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