A Texas man has been sentenced to 78 months in prison for running two investment fraud schemes that defrauded investors out of approximately $900,000 over a four-year period.
Stanley Jonathan Fortenberry, 51, was sentenced by U.S. District Judge Sam R. Cummings of the Northern District of Texas. Judge Cummings also ordered the defendant to pay $890,310 in restitution and to forfeit $311,254.
Fortenberry pleaded guilty on Nov. 18, 2016, to two counts of mail fraud and one count of obstruction of justice.
Fortenberry’s schemes involved Premier Investment Fund, which raised funds from investors for social media projects run by another company with ties to the country music industry. He misled investors about the profitability of the company and about the destination of the investors’ funds.
Fortenberry admitted that he diverted approximately half of investors’ funds into his own pocket and to pay the expenses of his fundraising operation. He also admitted to running Wattenberg Energy Partners, which raised funds for oil and gas drilling projects in northern Colorado.
The total loss to victims of both schemes was $887,311. The FBI’s Dallas Office investigated the case, and trial attorney William E. Johnston of the Criminal Division’s Fraud Section and assistant U.S. attorney Sean Long of the Northern District of Texas are prosecuting the case.
The Securities and Exchange Commission has provided substantial assistance in this case and referred it to the government.
Related Federal Cases
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- Alan Leschyshyn, Wire Fraud, Texas 2017 · Colorado
- Issac Yeboah, Bank Fraud, Texas 2024 · Colorado
- Mario Herrera, Bribery and Data Fraud, Texas 2024 · North Carolina
- Gary Beach, Bankruptcy Fraud, Texas 2024 · Colorado
Key Facts
- State: Texas
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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