Patrick O. Howard induced at least one investor to turn over his entire retirement savings to the fake fund, according to the U.S. Attorney’s Office.
DALLAS — A McKinney man who ran a Ponzi scheme has been sentenced to five years in federal prison and ordered to pay $13 million in restitution to his victims, according to acting U.S. Attorney for the Northern District of Texas Prerak Shah.
Patrick O. Howard pleaded guilty to securities fraud in November 2020. U.S. District Judge Jane J. Boyle sentenced Howard Thursday and he was taken into custody immediately after the hearing, the U.S. Attorney’s Office said in a release.
In plea papers, Howard admitted to running a Ponzi-type scheme, recruiting more than 100 investors to purchase $13 million in membership units for…