Law Offices of Tim Powers, Denton, Texas
Texas Attorney General Ken Paxton was booked on felony charges this past Monday. He was fingerprinted, photographed, then booked and released on personal recognizance bonds (Dallas Morning News).
According to a statement, Paxton will not plead guilty. He is also demanding a trial by jury. Attorney General Paxton is being charged with three criminal charges. The first one is a third-degree felony for failing to register with the state to sell securities. According to the
Dallas Morning News, Paxton had a verbal agreement back in 2004 with his friend Frederick Mowery. The agreement stated that Paxton would recommend that his clients invest through Mowery's financial advisory firm and in exchange Paxton would receive part of the fees that Mowery received through his clients (Dallas Morning News). With this being said, Paxton never registered with the state for selling securities. When this incident surfaced back in 2014, Paxton confessed and claimed someone in the office forgot to file it. He then paid a fine of $1,000 as a civil matter. However, failing to register with the state to sell securities is a third-degree felony, which is punishable to imprisonment in the Texas Department of Criminal Justice for not more than 10 years and a fine not to exceed $10,000.
Paxton's criminal charges also include two first-degree felonies for security fraud. These charges come from the fact that action that Paxton told the clients to invest in the firm without notifying them that he was making a commission off of these investments. He was getting thirty percent from each client that invested in Mowery's firm. In addition, reports show that Paxton was fraudulently representing people. According to files, he told clients he was investing in the firm as well when in reality he wasn't; instead he was receiving a commission. Paxton is being charged with two counts of security fraud.
A first-degree felony is punishable to life or for any term not more than 99 years in prison, and a fine not to exceed $10,000. If convicted, Paxton will lose his license and will be forced to resign as attorney general. Paxton's trial will take place in about a year. As for now, Paxton is out on bond and resuming his duties in Austin. This will be interesting trial to follow. What do you think?
If you are seeking aggressive criminal representation by an experienced criminal defense attorney for your Denton County criminal case or arrest in Denton County, contact the offices of Tim Powers today. There is no charge or obligation for the initial consultation. 940.483.8000
*Tim Powers is an attorney licensed to practice law by the Supreme Court of Texas. Nothing in this article is intended to be legal advice. For legal advice about any specific legal question you should directly consult an attorney. Criminal Defense Lawyers with Unparalleled Passion for Success Providing Quality Representation for your Denton, Lewisville, Flower Mound, Carrollton, Corinth, Highland Village Dallas, Plano, McKinney, Denton County, Tarrant County, Collin County, or Dallas County criminal case