Corpus Christi man pleads guilty in $7M scam

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Associated Press

Posted on November 21, 2012 at 9:33 AM

AUSTIN, Texas (AP) — A South Texas man faces four years in prison over a $7 million Ponzi scheme.

Prosecutors in Austin say 71-year-old Robert Roland Langguth of Corpus Christi pleaded guilty Tuesday to wire fraud and money laundering. No date has been set for a federal judge to consider accepting the four-year prison term as the sentence in the plea agreement.

Investigators say Langguth from late 2005 through 2009 devised an investment scheme involving short-term real estate loans. Prosecutors say he used multiple business entities, including Capital Finance, Paris Properties and Paris RE Inc., in the scam.

More than 100 investors lost money with Langguth.

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