Dallas, TX– On October 20, 2014, U.S. Attorney Sarah Saldana of the Northern District of Texas announced that Paul Eugene Prewitt, 44, was sentenced by U S District Judge Reed C. O’Connor to 60 months, the statutory minimum sentence and ordered to pay nearly $250,000 restitution for defrauding a Wichita Falls couple out of their life savings.
Prewitt used a series of fraudulent, false and fictitious investment opportunities to defraud an elderly couple out of their retirement savings. Touting a purported condominium project in Utah, Prewitt convinced the couple to send all of their retirement savings to him. He used the money for personal expenses and none was invested.
If it sounds too good to be true, it generally is. Don’t fall victim to exaggerated and unrealistic promises, especially from promoters who are not registered securities brokers.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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