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...
To view the full article, register now.




Case Information

Case Title

Securities & Exchange Commission v. Kaleta et al

Case Number



Texas Southern

Nature of Suit



Judge Nancy F. Atlas

Date Filed

November 13, 2009

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.