Frank Edwin Pate, Currency Trading Scheme, Texas 2015

State: Texas
Category: White Collar Crime
Source: <a href="https://www.justice.gov/usao-edtx/pr/north-texas-man-sentenced-foreign-currency-trading-scheme" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

Grimy Times

SHERMAN, Texas – A 47-year-old former resident of Bonham, Texas, was sentenced to federal prison for operating a currency trading scheme in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.

Frank Edwin Pate was found guilty by a jury on May 26, 2015, of two counts of wire fraud and one count of mail fraud following a five-day trial before U.S. District Judge Amos Mazzant. Pate was sentenced to 210 months in federal prison today by Judge Mazzant. Pate was also ordered to pay restitution in the amount of $2,829,589.84.

According to information presented in court, Pate perpetrated a fraud scheme on seven individuals who invested money with Pate for the purpose of trading foreign currency on their behalf. Pate’s scheme caused investors to invest over $3.4 million over a several year period for the purpose of currency trading. Instead of using the money for foreign currency trading, Pate spent a large portion of the money for his own personal expenses. Pate was indicted by a federal grand jury on Aug. 13, 2014.

This case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorneys J. Andrew Williams and Christopher Eason.

Pate’s scheme has left several victims financially crippled, with many struggling to make ends meet. The restitution order is a small consolation for the harm caused by Pate’s actions.

The case serves as a reminder of the importance of due diligence when investing in any scheme, particularly those that promise unusually high returns.

Frank Edwin Pate, 47, former resident of Bonham, Texas, was found guilty of two counts of wire fraud and one count of mail fraud. He was sentenced to 210 months in federal prison and ordered to pay $2,829,589.84 in restitution.

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