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TexasTowelie

(111,322 posts)
Sat Jan 12, 2013, 01:36 AM Jan 2013

Houston lawyer gets 10 years for $7.8M Ponzi scam

A former lawyer in Houston who pretended to be a real estate investment tycoon has been sentenced to 10 years in prison for running a $7.8 million Ponzi scam.

A federal judge in Houston on Friday sentenced 68-year-old Billy Frank Davis and ordered him to repay the more than 20 victims. Davis on Oct. 15 pleaded guilty to wire fraud.

Prosecutors say Davis falsely portrayed himself as a leader in the real estate business while using money from investors to fund his personal lifestyle.

Investigators say Davis had known some of the victims for more than 20 years and exploited their friendships.

More at http://www.chron.com/business/article/Houston-lawyer-gets-10-years-for-7-8M-Ponzi-scam-4188015.php .

[font color=green]...and another one bites the dust.[/font]

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Houston lawyer gets 10 years for $7.8M Ponzi scam (Original Post) TexasTowelie Jan 2013 OP
Sometimes criminal lawyers turn into lawyer criminals. Manifestor_of_Light Jan 2013 #1
 

Manifestor_of_Light

(21,046 posts)
1. Sometimes criminal lawyers turn into lawyer criminals.
Sat Jan 12, 2013, 01:45 AM
Jan 2013

That's what I've heard. My dad was an attorney and I have a J.D. myself, from the same school. Even had two of the same professors thirty years later!!!



Sam Hoover was the mayor of Pasadena, TX in 1948. He was the most brilliant lawyer criminal I ever met. People told incredible stories about him that were true. He died in prison in Huntsville.

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