Alan Nelson and Mary Alice Monteza of San Antonio on Jan. 9 pleaded no contest to first-degree aggravated theft in Bexar County state District Court.
The pair raised about $850,000 from investors who thought their money was going into foreign high-yield investments. No investments were made.
Bexar County prosecutors agreed to recommend that each defendant be sentenced to 18 years in prison. However, if Nelson and Monteza repaid $850,000 to investors before sentencing in April, community supervision would be recommended.
The State Securities Board assisted in the investigation of Nelson and Monteza. In 2007, the Securities Commissioner entered a Cease and Desist Order against Nelson and Monteza for engaging in fraud and selling securities without being registered to do so.