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Justice News

Department of Justice
U.S. Attorney’s Office
Western District of Texas

FOR IMMEDIATE RELEASE
Friday, January 6, 2017

San Antonio Man Sentenced to Federal Prison for Embezzling from Investors

In San Antonio this afternoon, 28-year-old William Brandon Cate was sentenced to 51 months in federal prison for defrauded approximately 15 investors out of more than $280,000 announced United States Attorney Richard L. Durbin, Jr., and FBI Special Agent in Charge Christopher B. Combs, San Antonio Division.

 

In addition to the prison term, Senior United States District Judge David A. Ezra ordered that Cate pay restitution totaling $253,869.84 and be placed on supervised release for a period of three years after completing his prison term.

 

On September 29, 2016, Cate pleaded guilty to one count of wire fraud. By pleading guilty, Cate admitted that in January 2012, he and others created and managed CT Trading, LLC. Through a series of wire transfers in 2013 and 2014, Cate embezzled investors’ funds to pay for personal expenses. While managing the investments, Cate also experienced substantial trading losses. During the scheme, Cate created fraudulent account summaries for investors which showed inflated revenue.

 

This investigation was conducted by agents with the Federal Bureau of Investigation together with the Texas Department of Public Safety. Assistant United States Attorney Greg Surovic prosecuted this case on behalf of the Government.

Topic(s): 
Financial Fraud
Component(s): 
Updated January 6, 2017