Democratic State Senator convicted on 11 federal counts of corporate fraud
SAN ANTONIO — A state senator from San Antonio has been convicted on 11 federal counts of money laundering and wire and securities fraud and is facing a potentially long prison term.
Sen. Carlos Uresti was charged in connection with his roles at a now-defunct oilfield company. The jury deliberated over two days before reaching a verdict Thursday. Several of the charges could lead to prison sentences of up to 20 years. Sentencing is scheduled for June 25.
The Democrat was not up for re-election until 2020. Uresti said after the verdict, he plans to appeal the conviction.
Federal prosecutors say FourWinds Logistics operated an illegal Ponzi scheme against its investors. Uresti was the company's general counsel. He also owned a small stake of company shares and earned commissions for recruiting investors.
