Posted on September 25, 2012 at 9:25 AM
HOUSTON—A repeat fraud offender who owed nearly $30 million in restitution at the time of a Texas securities scam faces up to 120 years in prison.
A federal jury in Houston convicted 64-year-old Richard Plato of Baytown on five counts of mail fraud and one count of conspiracy to commit mail fraud.
Prosecutors on Monday said no sentencing date has been set for Plato, who owned Momentum Production Corp. in Baytown. Investigators say Plato diverted about $2 million in company funds.
State regulators began investigating Plato in 2008 following complaints from oil and gas investors.
Records show Plato earlier was convicted of fraud in Texas, Florida and Louisiana. He was on supervised release and owed almost $30 million in restitution when the Momentum securities were sold.
Plato remains in custody.