August 2018-Corpus Christi, TX
The Texas State Securities Board (TSSB) announced that Gabriel Claudio, Jr. was sentenced in the 79th District Court of Jim Wells County to 25 years to state prison and ordered to pay restitution of $2.7 million to investors.
Claudio had pleaded guilty to first-degree felony offenses of theft, money laundering, and misapplication of fiduciary property. His victims were from the South Texas counties of Jim Wells, Nueces, San Patricio, Cameron and Bexar.
As set forth in the Petition and Notice for Seizure, Claudio spent money of his victims on Las Vegas gambling ($300,000); child support payments ($193,000); private school tuition ($156,000); home expenses ($169,211); jewelry ($151,646) and cash withdrawals of $656,394. He also used victims’ funds to pay off the mortgage on a house in Portland, TX, and for the purchase of several Mercedes Benz automobiles.
His victims, who are from Alice, TX, believed the $2.7 million they entrusted to Claudio was being invested in annuities. In reality Claudio did not make any payments to the insurance company and presented them with phony spreadsheets purporting to reflect the purchase of the annuities.
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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