Stewart K. Williams, Sweetwater, TX, Man Pleads Guilty to $12.3 Million Wire Fraud

Stewart K. Williams, Sweetwater, TX, Man Pleads Guilty to $12.3 Million Wire Fraud

Stewart K. Williams, Sweetwater, TX, Man Pleads Guilty to $12.3 Million Wire Fraud 150 150 Rex Securities Law

APRIL 2021-Sweetwater, Texas

According to Prerak Shah, Acting U.S. Attorney for the Northern District of Texas, a former Sweetwater businessman – Stewart Kyle Williams, 31,  has pleaded guilty to a $12.3 million wire fraud scheme. Link to Press Release. 

As stated in court documents, Mr.  Williams committed these crimes in The Northern District of Texas after committing another wire fraud scheme in The Southern District of Texas where he pled guilty to four counts of wire fraud.   

As a result of his conviction, Williams was sentenced to 70 months in federal prison and he has been ordered to pay restitution of $2,071,925 for his crimes in The Southern District of Texas. While on release in The Southern District of Texas, Williams formed and unregistered sole proprietorship –  AZS Trenching.   This company performed freight and trenching services in the West Texas Permian Basin. In January of 2019, Williams and a privately held Midland, Texas business – Navarone Capital, entered into an agreement that sold AZS Trenching accounts receivables to Navarone.     This allowed Williams to receive cash up front from Navarone for part of the value of services listed on the AZS invoices.    Under the agreement, AZS Trenching invoices were confirmed by Navarone with the respective companies. In March of 2019, Williams needed another agreement for work that AZS Trenching was supposedly doing for HIS Pipeline Company.   Navarone met their due diligence by requiring assurances from HIS Pipeline.    Williams assembled fake invoices by assuming the identity of a HIS employee.    He also acquired and email address to carry out this fraud.    In each communication Williams falsely assured Navarone that AZS Trenching was performing the working listed in the fake invoices.

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.

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