News and Press Releases

Mansfield, Texas, Man Sentenced to 48 Months in Federal Prison for Running Investment Fraud Scheme

FOR IMMEDIATE RELEASE
June 14, 2012

Defendant Also Ordered to Pay More than $500,000 in Restitution

FORT WORTH, Texas — Jeffre Francis Halas, 48, of Mansfield, Texas, was sentenced yesterday by U.S. District Judge Terry R. Means to 48 months in federal prison and ordered to pay $523,622 in restitution, following his guilty plea in to one count of mail fraud stemming from an investment fraud scheme, announced U.S. Attorney Sarah R. Saldaña of the Northern District of Texas. Judge Means ordered that Halas surrender to the Bureau of Prisons by July 16, 2012.

According to documents filed in the case, Halas, operating under the name of Halco Capital Management, solicited money from individuals by promising to pool their money into a “limited partnership” and invest in stock and currency exchange markets. Depending on the amount of their contribution, investors were promised a specific percentage of the partnership’s earnings. Halas, however, quickly lost money in the stock market after investing all but a portion of initial investments. Instead of disclosing the losses, he issued monthly letters reporting false returns to investors. Acting on his materially false representations, investors continued to invest money with him. Halas eventually lost all that he invested, and advised investors, approximately two years after the beginning of his scheme, that Halco Capital Management was insolvent.

The case was investigated by the FBI. Assistant U.S. Attorney Chris Wolfe was in charge of the prosecution.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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