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Press Release

Texas Man Pleads Guilty to Conspiring to Commit Wire Fraud

For Immediate Release
U.S. Attorney's Office, District of Maine

PORTLAND, Maine:  A Texas man pleaded guilty in federal court today to conspiring to commit wire fraud, Acting U.S. Attorney Donald E. Clark announced.

According to court records, in 2017 and 2018, Russell Hearld, 45, of Katy, Texas, participated in a scheme to defraud involving investments in Standby Letters of Credit (SBLCs). Investors were promised that they could receive a portion of the value of an SBLC, worth millions of dollars, for a much smaller initial investment. Investors were promised returns equal to many times the amounts of their initial investments in a matter of weeks. They were also promised that their money would remain in the attorney trust account of a co-conspirator—who at the time was a licensed attorney in Florida—until confirmation was received that the SBLC had been issued.

Contrary to these representations, Hearld routinely directed the co-conspirator attorney to withdraw investor funds as soon as they were deposited into the attorney’s trust account. For example, in March 2017, an investor wired $500,000 from his bank account in Maine to the attorney’s trust account in Florida. On the previous day, Hearld had sent the attorney an email, directing the attorney to disburse the investor’s funds. At Hearld’s direction, the attorney wired $200,000 to Hearld’s bank account; $150,000 to the account of the attorney’s law firm; $100,000 to the account of another co-conspirator; and $40,000 to the attorney’s personal account.

Hearld faces up to 20 years in prison and a fine of up to $250,000. He also faces up to three years of supervised release. He will be sentenced after the completion of a presentence investigation report by the U.S. Probation Office.

The FBI investigated the case.


Craig M. Wolff
Assistant U.S. Attorney
Tel: (207) 780-3257

Updated May 24, 2021

Financial Fraud
Securities, Commodities, & Investment Fraud