Armando Jesus Hernandez Leal, a 53-year-old businessman from Shavano Park, Texas, has been arrested in connection with a multi-million dollar investment scam.
According to a federal complaint unsealed today, Hernandez managed an estimated $66 million investment portfolio of a Mexican businessman and his family. However, instead of investing their money, Hernandez used it to purchase homes, planes, and other assets for his personal use.
The scheme allegedly took place from 2005 to 2014, with Hernandez using his clients’ money for personal expenses, rather than investing it as agreed. The complaint charges Hernandez with one count of wire fraud.
Hernandez made his initial appearance in federal court today and was detained without bond pending a detention hearing scheduled for 3:30 pm on March 13, 2015, before United States Magistrate Judge John Primomo.
Upon conviction, Hernandez faces up to 20 years in federal prison. The 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.
Armando Jesus Hernandez Leal’s actions have left many investors questioning the legitimacy of their investments. This case serves as a reminder of the importance of doing thorough research and due diligence before investing in any business or scheme.
Related Federal Cases
- Armando Jesus Hernandez Leal, $66M Investment Fraud, San Antonio TX… · Montana
- Shannon Tecoko Mays, Conspiracy to Commit Wire Fraud, Texas, 2012 · Texas
- Albert Davis, Wire Fraud, Kansas City, MO, 2023 · Missouri
- Michael Scott Calhoun, Wire/Mail Fraud, OK, 2023 · Texas
- James Pavlounis, Social Security Administration Fraud and Tax Evasi… · Texas
Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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