San Antonio’s downtown courthouse delivered cold justice today as 28-year-old William Brandon Cate was sentenced to 51 months in federal prison for stealing from investors who trusted him with their money. The conviction marks the end of a years-long fraud scheme that left 15 victims reeling and out more than $280,000.
Cate, a resident of San Antonio, admitted in court to orchestrating a wire fraud operation under the guise of CT Trading, LLC—a company he co-founded in January 2012. Promising returns on investment, Cate instead funneled investor funds through a series of wire transfers between 2013 and 2014, diverting the cash to cover personal expenses while hiding massive trading losses.
On September 29, 2016, Cate pleaded guilty to one count of wire fraud. As part of his plea, he acknowledged creating fake account summaries to deceive investors, inflating revenue figures to make it appear the business was thriving. In reality, the operation was a shell built on lies and misappropriated funds.
Senior United States District Judge David A. Ezra didn’t mince words during sentencing, ordering Cate to pay $253,869.84 in restitution and serve three years of supervised release following his prison term. The judgment underscores the federal crackdown on financial predators who exploit trust for personal gain.
The investigation was a coordinated effort between the Federal Bureau of Investigation and the Texas Department of Public Safety. Agents peeled back layers of financial deception to expose how Cate systematically looted the accounts of everyday people hoping to grow their savings—many of whom may never fully recover their losses.
Assistant United States Attorney Greg Surovic, who prosecuted the case, emphasized that financial fraud carries real consequences. “Cate didn’t just break the law—he betrayed the trust of friends, family, and colleagues who believed in his operation,” Surovic said. “This sentence sends a message: steal from investors, and the federal system will come down hard.”
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Key Facts
- State: Texas
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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