Shutterstock / Roman Motizov
Authorities allege that Pettit transferred shopper funds to his private financial institution accounts as a substitute of into monetary merchandise in an effort to counterpoint himself.
Disgraced San Antonio property lawyer Chris Pettit pleaded responsible to 6 felony prices on Thursday, based on Justice Division officers.
Pettit allegedly defrauded rich purchasers, most of whom had been aged. As an alternative of investing his purchasers’ funds in monetary merchandise, together with high-yield bonds, as promised, he as a substitute wired these funds to his private financial institution accounts to counterpoint himself, authorities declare.
“Pettit would use his victimized purchasers’ funds to pay different shopper money owed in addition to to help an extravagant life-style,” based on a Justice Division assertion. “The scheme resulted in an estimated loss to the victims of between $20 million and $65 million.”
The disbarred lawyer pleaded responsible to 6 felony prices, together with three felony counts of wire fraud and three felony counts of cash laundering. Pettit is about to be sentenced on Jan. 11, 2024. He faces anyplace between two and 20 years in jail.
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