Posted on 08/03/2015 9:57:33 AM PDT by SoFloFreeper
Texas Attorney General Ken Paxton turned himself in Monday morning at the Collin County Jail in McKinney to be booked on three felony charges.
Paxton posted a total of $35,000 bond on two counts of securities fraud and one count of failing to register as an investment adviser.
Sources said a grand jury in Collin County handed up the indictments Tuesday, which were immediately sealed. The charges stem from an investigation carried out by the Texas Rangers.
The first two are first-degree felonies punishable by up to 99 years in prison on conviction. The last is a third-degree felony that carries a punishment range of up to 10 years in prison.
(Excerpt) Read more at m.click2houston.com ...
For those awaiting the 3AM no knock raids or some other drastic “trigger event” that will signal the beginning of WWIII, you won’t see it. THIS is the beginning of the end - don’t agree with the leftist extremists? Go directly to jail.
Hometown police withdraw endorsement for Ken Paxton in AG race | | Dallas Morning News, May 12, 2014
Paxton's troubles stem from a recent reprimand and $1,000 fine levied against him by the Texas State Securities Board for his failure to register as an investment adviser. Paxton acknowledged steering clients to an investment firm, which paid him, but said he was unaware that he was required under Texas law to register. He also failed to report the income as required on his Texas Ethics Commission financial disclosure forms.In rescinding the endorsement, the officers of the McKinney Police Department cited that his failure to register is a crime.
I thought it was “In Travis County a ham sandwich can be indicted.”
Who knows the timeline there. Perhaps the $1000 fine was for something that took place after the incident these charges are related to. Perhaps he had already extricated himself, but was found to be in violation for something he did earlier.
The only reason I’m even talking about the guy, is related to having watched what they did to Tom Delay down there.
I’ve got no burden to bear related to this specific guy.
If he’s guilty, he should have to face the penalty.
This better be a big deal though. If it’s letter of the law enforcement, the prosecutor could come off looking like the over the top bad guy.
We’ll see.
He's allowed to serve while under indictment and while being tried. I imagine that process has about a two or three year clock attached.
Seems to be a "wheeler/dealer" type, he himself was victim of an investment/Ponzi scheme some time ago. I bet he spends more time working on his investments, than he does working on state AG business. As AG, he has an army of minions.
most of the guys in office ARE attorneys. They should know better but they are human. I'm just saying this looks like a witch hunt. I remember what they did to Delay. They just wanted him to vacate his seat so someone else could be moved in. This is politics. The real actors and reason will come out in time.
“The first two are first-degree felonies punishable by up to 99 years in prison on conviction.”
For securities fraud. You don’t get that for murder. Even in worst of the USSR, Stalin’s dreaded sentence was a “tenner” 10 years.
Bam. There's your probable motive.
This article has a little more info about the charges, but not the actual indictment:
From the article:
“Indictments signed last week and unsealed today say that in July 2011, Paxton ‘engaged in fraud’ by selling more than $100,000 of common stock in Servergy Inc. to both Byron Cook and Joel Hochberg without disclosing that he would be compensated for their purchases or that he had already been paid with 100,000 shares of the company.
“A year later, Paxton allegedly ‘rendered services as an investment advisor representative to James and Freddie Henry’ without being registered with the state’s securities commissioner.
“That third charge — failing to register as a financial agent — is an action to which he has already admitted in a civil proceeding.”
“Paxton is accused of encouraging investors in 2011 to put more than $600,000 into a technology company, Servergy Inc., that is based in McKinney. He did so, according to the charges, without telling the investors that he was making a commission on their investment. And, he is alleged to have misrepresented himself as an investor in the company.”
Then clearly, he should be locked up until the year 2114. Wonder why 99? Why not just 100, or 150? We are all going to feel pretty stupid if he gets out, and then in like 2120, tricks us again.
Per the article above:
"Sources said a grand jury in Collin County handed up the indictments Tuesday, which were immediately sealed."
I agree completely. No more Delay treatment should be tolerated. As you say, we’ll see. I have no clue at this point. That the Rangers were investigating impressed me. Their findings are, historically, not bought.
every first year law student knows that laws are now so complex that NOBODY can avoid violating some law.
see also aynn rand’s atlas shrugged.
No he didn't! And the primary was on March 4 not May 29. The runoff was on May 27, and by definition there is an opponent in a runoff election.
Office of the Secretary of State
Race Summary Report
2014 Republican Party Primary Election
3/4/2014
Attorney General
Dan Branch REP 428,325 33.46%
Ken Paxton REP 569,034 44.45%
Barry Smitherman REP 282,701 22.08%
-----------
Race Total 1,280,060
Office of the Secretary of StateRace Summary Report
2014 Republican Party Primary Runoff
5/27/2014
----------------------------------------
Attorney General
Dan Branch REP 269,098 36.59%
Ken Paxton REP 466,407 63.41%
-----------
Race Total 735,505
Nailed it!
To the question of "why didn't any of his opponents use this?", here's another cut and paste ...
Republican voters knew about Paxton's problems during the 2014 primary when fellow conservative Barry Smitherman used it in an attack ad on television.Unsigned Warrants Could Delay Paxton Surrender KCENTV.com -
The indictments were sealed last Tueday, and unsealed today.
“...imagine that process has about a two or three year clock attached.”
Except for Governor Abbott. I think if he believes Paxton is compromised and it would be bad for Texas for him to remain in office, he will ask him to resign. Paxton wouldn’t have to, but I think he would as he wouldn’t have Abbott backing him up. We will have to wait and see what happens in the next few months, or less.
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