AUSTIN, Texas — Nate Paul, an actual property developer and affiliate of Attorney General Ken Paxton, is now facing 4 new federal charges associated with alleged wire fraud.
According to the U.S. Department of Justice (DOJ), federal prosecutors have introduced a superseding indictment in Austin, charging 36-year-old Paul with the 4 new counts.
The DOJ stated in step with court docket paperwork, Paul allegedly conspired to procure cash from restricted companions via falsely representing that he would isolate the partnerships belongings for use just for the advantage of the partnership. The superseding indictment alleges that Paul’s “scheme” allowed unrestricted use of restricted partnership finances.
These new counts are along with the preliminary 8 counts of false statements to lenders that Paul was once charged on in June. The new charges are one rely of conspiracy to dedicate wire fraud and 3 counts of wire fraud, they usually elevate consequences of as much as twenty years in jail and fines of $250,000 in keeping with rely.
The DOJ stated every of the 8 counts in Paul’s preliminary June 6 indictment carries a most penalty of as much as 30 years in jail with a high quality of $1 million. Paul entered a no longer in charge plea to these charges in overdue June.
A federal district court docket pass judgement on will decide any sentence for Paul after making an allowance for the U.S. Sentencing Guidelines and different statutory components, in step with the DOJ. Paul’s trial is about to start out on July 20, 2024.
The FBI and State Securities Board are investigating this situation
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