North Texas Financial Advisor Who is Alleged to Have Pocketed
Over a Million Dollars in Investment Funds Appears in Court
PLANO, Texas –A 48-year-old Allen, Texas man has been indicted on federal wire fraud violations in the Eastern District of Texas, announced U.S. Attorney Stephen J. Cox.
Keith Todd Ashley was named in an indictment returned by a federal grand jury in Sherman, Texas on Nov. 12, 2020, charging him with six counts of wire fraud. Ashley was arrested on Nov. 13, 2020 and appeared in federal court today for a detention hearing before U.S. Magistrate Judge Kimberly C. Priest Johnson, which he waived.
According to the indictment, from December 23, 2013 through May 14, 2020, Ashley, as owner and chief executive officer of KBKK, LLC, devised and executed a scheme to defraud investors of approximately $1.1 million. Specifically, Ashley would solicit money from investors for purported investments that he represented were without risk. In reality, Ashley was diverting these investment funds for his own use.
If convicted, Ashley faces up to 20 years in federal prison. The United States is also seeking forfeiture in the amount of $1.143 million.
This case is being investigated by the Federal Bureau of Investigation and the Carrollton Police Department. This case is being prosecuted by Assistant U.S. Attorney Heather Rattan.
A grand jury indictment is not evidence of guilt. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.