SAN ANTONIO – A Boerne man who focused retired San Antonio cops, different first responders and their households in an enormous Ponzi scheme was sentenced in federal courtroom this week to greater than 11 years in jail.
In addition to serving the 135-month federal jail sentence, Victor Farias, 48, must additionally pay again his victims greater than $7.4 million in restitution, officers with the U.S. Department of Justice confirmed Thursday.
Farias carried out the fraudulent funding scheme from 2013 via early 2019, in accordance to data from the federal legal case and a separate Securities and Exchange Commission lawsuit filed towards him final year.
Farias, whereas proprietor of Boerne-based Integrity Aviation, informed buyers in a number of states their money could be spent on plane engines and different elements which might then be leased or resold to the main airways.
Investors, a lot of whom had been retired first responders, had been promised a return on their investments of between 10-12 p.c per year, in accordance to case data.
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Farias, nonetheless, solely ever purchased a single plane engine and offered it for no revenue, in accordance to a DOJ press launch about his sentencing.
“Through deception and greed this defendant stole from his victims, some of whom were retired public servants. He deprived many of these victims of the restful retirement…