Clarence Counterman, Ponzi Scheme, Texas 2016

Two El Paso men have been sentenced to federal prison for their roles in a multi-million dollar Ponzi scheme that left more than 50 investors with significant financial losses.

Clarence Counterman, 59, and Robert Loya, 52, were sentenced to 12 years and 10 years in federal prison, respectively, for their involvement in the scheme that promised high returns on investments in solar energy-related companies. The men were also ordered to pay $2,013,242 in restitution to their victims.

According to court documents, Counterman and Loya convinced investors to put money into several companies, including Renewable Energy Consultant, Inc., EP Solar Technologies, Inc., LITTCE, Inc., and Eco Global Corporation. However, instead of investing the money as promised, the defendants used it for personal gain and paid some returns to earlier investors from monies paid in by newer investors.

The scheme, which lasted from December 2008 to October 2013, resulted in more than $2.1 million in losses for over 50 investors. Counterman’s co-defendant, Leopoldo Parra, 54, was also involved in the scheme and was sentenced to 30 months in federal prison and ordered to pay $486,695 in restitution in November 2016.

“This classic pyramid scheme robbed unsuspecting investors in new energy technology of more than two million dollars. The punishments meted out by the Court fairly reflect the magnitude of the theft, which the defendants perpetuated for almost five years,” said United States Attorney Richard L. Durbin, Jr.

Assistant United States Attorneys Steve Spitzer and Chris Skillern prosecuted the case on behalf of the government. The investigation was led by Homeland Security Investigations (HSI) and the Federal Bureau of Investigation (FBI). “These are significant sentences and should serve as a warning to those who seek to profit from fraudulent schemes,” said HSI Special Agent in Charge Waldemar Rodriguez, El Paso.

The cases serve as a reminder of the importance of thoroughly researching any investment opportunity and being cautious of promises of high returns with little risk. It is also a testament to the hard work of law enforcement agencies in identifying and bringing to justice those who seek to take advantage of unsuspecting victims.

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