Broker gets 17-year sentence in Texas fraud scheme
Thursday, November 3, 2011
AUSTIN, Texas (AP) -- The former CEO of a Texas-based investment firm has been sentenced to 17 years in prison for a scheme that used former NFL players to bilk hundreds of investors out of more than $50 million.
Kurt Barton gave a tearful apology Friday at the hearing in Austin. The former head of Triton Financial was convicted on 39 counts in August, including more than a dozen each of wire fraud and money laundering.
Investors including Barton's family and church members thought their money was for real estate deals and business loans. Prosecutors say Barton spent it on himself, using the money to pay for such things as a luxury box at University of Texas football games and a $150,000 car.
He could have been sentenced to up to life in prison.