SAN ANTONIO – A former San Antonio attorney accused of scamming his purchasers out of money has pleaded guilty to wire fraud and money laundering charges, in accordance to the United States Attorney’s Office within the Western District of Texas.
Federal officers stated Christopher John Pettit, of San Antonio, made a number of misrepresentations to affect purchasers to be sure monetary choices and transactions via his regulation company. Federal prosecutors referred to as it a “Ponzi-type scheme.”
Pettit is accused of sending emails, texts and letters to convince purchasers to deposit money to his company for trusts, wills and different property making plans services and products. He allegedly used the purchasers’ finances to open the accounts and named himself because the trustee to give him the power to get entry to and transfer the money into his personal account, in accordance to the indictment.
Federal officers stated Pettit additionally falsely promised to make investments purchasers’ money in high-percentage go back bonds however as a substitute additionally diverted the ones finances to his account whilst falsely representing himself as a professional middleman.
Pettit would use the finances from his purchasers to pay for different purchasers’ money owed and to strengthen an extravagant way of life, in accordance to the indictment.
After his indictment, loads of his non-public assets have been bought at an public sale.
Pettit used to be indicted on 5 counts of wire fraud and 3 counts of attractive in financial transactions in assets derived from specified illegal task, and pleaded guilty to 3 counts of every rate, in accordance to the U.S. Attorney’s Office.
He will likely be sentenced on Jan. 11, 2024. He faces a most of twenty years in jail for the wire fraud counts and up to 10 years for the money laundering counts.
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