Ronald Keith Owens, 73, of Mineral Wells, Texas, was sentenced to 60 years in prison for running a Ponzi-type investment fraud scheme that cost investors at least $2.6 million. The state sentence follows a 63 month federal sentenced handed down last month. Owens was charged with selling fraudulent offshore "Bank Credit Instrument Trading" investments that purportedly earned up to 30 percent returns. Instead, Owens paid earlier investors and used the investment funds to enrich himself and his wife. Owens' scheme, which sold the fraudulent investments through a vehicle he controlled, Executive Investors, Inc. aka Newlife Trade Group, went on from March 2000 to September 2007, according to prosecutors.Read the DOJ's announcement of Owens' sentence here.
This is my step grampa. My mom was in a domestic partnership with his daughter, Julie Owens until she died.
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