San Antonio Businessman Arrested In Connection With Multi-Million Dollar Investment Scam
In San Antonio today, FBI agents arrested 53-year-old Armando Jesus Hernandez Leal of Shavano Park, TX, in connection with a multi-million dollar investment fraud scam announced Acting 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.
A federal criminal complaint unsealed today charges Hernandez with one count of wire fraud. According to the complaint, Hernandez was responsible for managing an estimated $66 million investment portfolio of a Mexican businessman and his family. The complaint alleges that from 2005 to 2014, Hernandez had not invested his clients’ money like he had agreed to, but instead spent their money to purchase homes, planes and other assets for his personal use.
Hernandez had his initial appearance in federal court this morning and detained without bond pending a detention hearing scheduled for 3:30pm on March 13, 2015, before United States Magistrate Judge John Primomo. Upon conviction, Hernandez faces up to 20 years in federal prison.
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.
An indictment is merely a charge and should not be considered as evidence of guilt. The defendant is presumed innocent until proven guilty in a court of law.