Austin business partners sentenced to 78 months for Ponzi scheme
Two Austin business partners were sentenced to 78 months in prison for operating a Ponzi scheme that scammed oil and gas investors of $20 million or more.
Robert Allen Helms and Janniece Kaelin were sentenced on Tuesday in Western District Court by U.S. Judge Lee Yeakel. In April, the business partners pleaded guilty to one count of securities fraud and one count of conspiracy.
They must also pay restitution to their victims, Yeakel ordered. But the exact amount, which could reach north of $29 million, will be determined at a follow-up hearing on Oct. 2.
“Very good scheme and very sophisticated scheme,” Yeakel said.
Read more: http://www.statesman.com/news/crime--law/austin-business-partners-sentenced-months-for-ponzi-scheme/JVMQxJl2qQxmdF3r1rcpzI/
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