Rivals in Texas AG race question Ken Paxton's judgment over his losses in scam
Republican rivals to attorney general candidate Ken Paxton criticized his judgment Wednesday over revelations that he was one of four state lawmakers caught up in an apparent investment scam.
“Guarding against consumer fraud and securing the public trust are essential attributes for the next attorney general,” said Rep. Dan Branch of Dallas, also a GOP candidate for the statewide post.
Beginning in 2008, businessman Archer Bonnema of McKinney persuaded House members Wayne Christian, Phil King, Bill Zedler and Paxton to invest in a fledgling technology company called Pirin Electric.
Instead of reaping huge dividends with trades in the electricity market, the lawmakers lost most of their money, according to a lawsuit filed on their behalf and federal bankruptcy documents. The Dallas Morning News detailed the case in a report Wednesday.
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Current Railroad Commissioner Barry Smitherman, blasted Paxton. “Ken Paxton was duped and lost $100,000 in a get-rich-quick Ponzi scheme offered to lawmakers,” Smitherman said in a written statement. “Now he expects taxpayers to trust him with their money? Texans need and want an honest attorney general they can trust.”
More at http://www.dallasnews.com/news/politics/headlines/20140226-rivals-in-texas-ag-race-question-ken-paxton-s-judgment-over-his-losses-in-scam.ece .
[font color=green]Bonnema was part of an expedition that he claims led to the discovery of Noah’s Ark in Iran, which experts disputed.
I am amused by this article because about 15 years ago I ordered some take-out at the Burger Tex (decent hamburgers, but blah ambiance) on Airport Boulevard in Austin. While I was paying for the meal at the counter I noticed that someone was conducting a presentation for about 15-20 people. Even though I had just finished purrtoking 
, it only required about a minute to recognize that the presentation was a pyramid scheme and the presenter was scamming new victims (at a time when pyramid schemes weren't in the news). Yet our brilliant legislators with law degrees and vast business experience failed to recognize a pyramid scheme?
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