Christopher John Pettit, a former San Antonio attorney aged 56, has pleaded guilty in federal court to wire fraud and money laundering. Court documents reveal that from approximately October 2019 to July 2022, Pettit engaged in multiple fraudulent activities that convinced his clients to deposit money into his firm, Chris Pettit and Associates, PC. Clients believed these funds would be used for various services, such as living trusts, irrevocable trusts, estate planning, investments, and real estate transactions. However, Pettit misused these funds for personal enrichment and as part of a Ponzi-type scheme.
One of his schemes involved opening trustee accounts with client funds and then redirecting the money into his own accounts instead of using it for the trust’s benefit. Other fraudulent activities included falsely promising to invest client funds in high-yield bonds but diverting the funds to his personal account. He also falsely represented himself as a Qualified Intermediary for a 1031 real estate exchange, convincing clients to wire millions of dollars from asset sales into accounts he controlled, which he also misused for personal gain. Pettit used his clients’ funds to pay off other client debts and sustain an extravagant lifestyle. These schemes resulted in estimated losses to victims ranging from $20 million to $65 million.
Pettit pleaded guilty to three counts of wire fraud and three counts of money laundering. He is set to be sentenced on January 11, 2024, and could face a maximum penalty of 20 years in prison for the wire fraud counts and up to 10 years for the money laundering counts. The actual sentence will be determined by a federal district court judge, taking into account sentencing guidelines and other statutory factors.
The case is being investigated by the FBI in collaboration with representatives from the Texas State Securities Board and the Texas Department of Public Safety. Assistant U.S. Attorneys Robert Almonte and Kelly Stephenson are prosecuting the case, with U.S. Attorney Jaime Esparza of the Western District of Texas and Special Agent in Charge Oliver E. Rich Jr. of the FBI San Antonio Field Office making the announcement.
By FCCT Editorial Team freeslots dinogame telegram营销
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