HOUSTON (AP) — A former lawyer in Houston who pretended to be a real estate investment tycoon has been sentenced to 10 years in prison for running a $7.8 million Ponzi scam.
A federal judge in Houston on Friday sentenced 68-year-old Billy Frank Davis and ordered him to repay the more than 20 victims. Davis on Oct. 15 pleaded guilty to wire fraud.
Prosecutors say Davis falsely portrayed himself as a leader in the real estate business while using money from investors to fund his personal lifestyle.
Investigators say Davis had known some of the victims for more than 20 years and exploited their friendships.