The brother of a former Mexican president had been sentenced to serve seven years in prison for securities fraud and tax evasion. According to an article from the Los Angeles Times, the 67-year-old man pleaded guilty Tuesday, March 23, 2010 to grand theft auto, securities fraud and tax evasion for defrauding those investors by promising large returns for false business opportunities and stealing the investors funds. In addition to prison time, he must repay $460,000 to seven victims as well as $117,000 to the California Franchise Tax Board.
The man was originally arrested and charged in January. He faced a maximum sentence of 27 years in prison at the time. His guilty plea was supposedly coaxed by a plea bargain that dropped 13 out of the 15 original counts of grand theft auto and one count of tax evasion and fraudulent sales of securities.
The man had taken amounts that varied from $18,000 to $350,000 from victims between March 2006 and August 2007. He promised either land or Mexican political influence. In total, he unlawfully stole $1.2 million dollars from his victims. This is the man’s second criminal conviction. Over 20 years ago, he had been sentenced to ten years in an Arizona prison for fraud, serving a total of six years before he was released.