Mini-Madoff Sentenced to Ten Years for $7.8 Million Fraud
For ten years, a Houston attorney told friends and prospective investors he was involved in real estate investment. But the money collected merely fed a Ponzi scheme that federal prosecutors say cost more than 20 victims $7.8 million. On Friday, Bill F. Davis was sentenced to ten years in prison after he pleaded guilty to one count of wire fraud.
It's always nice when the feds get their man.
Judge David Hittner read from victim impact statements during the sentencing, including one that called Davis a "smooth-talking parasite or predator."
Hittner, who also slapped Davis with three years of probation following his release, allowed one victim to address the court. That poor sap stated, "Every cent Bill Davis stole was from a very good friend, and he took advantage of that friendship on every occasion...Mr. Davis, as for your image, the last image I want to see of you is being led away in handcuffs in an orange jumpsuit."
Although Davis only pleaded to the one count, "he had admitted to the entirety of his fraudulent scheme and agreed to be held accountable for all the losses incurred by his victims," according to a press release.
The case was investigated by the FBI and prosecuted by Assistant United States Attorney Jason Varnado.