San Antonio Businessman Admits Role in Multi-Million Dollar Investment Scam
In San Antonio today, 53-year-old Armando Jesus Hernandez Leal of Shavano Park, TX, pleaded guilty to a federal money laundering charge in connection with a multi-million dollar investment fraud scam announced United States Attorney Richard Durbin, Jr., FBI Special Agent in Charge Christopher Combs, San Antonio Division and Internal Revenue Service-Criminal Investigation Special Agent in Charge William Cotter.
Appearing this afternoon before United States Magistrate Judge Henry Bemporad, Hernandez admitted responsibility for managing an estimated $66 million investment portfolio of a Mexican businessman and his family from 2005 to 2014, but had not invested his clients’ money like he had agreed. Hernandez spent their money to purchase homes, planes and other assets for his personal use.
Hernandez, who faces up to 20 years in federal prison, is scheduled for sentencing on November 16, 2015.
This investigation was conducted by special agents from the FBI and the Internal Revenue Service-Criminal Investigation. Assistant United States Attorney Greg Surovic is prosecuting this case on behalf of the Government.