Allan Jacob Barber of Houston, who pleaded guilty to the fraudulent sale of a security and theft of property in Fort Bend County District Court, was sentenced Nov. 20 to 30 days in state jail, 10 years' probation, and a $10,000 fine. Barber was also ordered to pay $208,976 in restitution to the victim, $100,000 of which was paid by sentencing.
Barber and another Houston man, Aaron Thomas Steele, defrauded investors through Trinity Financial Group, an entity they controlled. Barber and Steele told the victim they could earn 17% returns by trading futures contracts based on the value on the value of the stocks in the S&P 500 Index.
At the time Barber solicited funds from the investor, he was on probation for a federal embezzlement charge brought in the U.S. District Court for the Middle District of Tennessee, Nashville Division.
Barber and Steele used about half of the money the investor provided to pay their personal expenses. They lost the bulk of the remaining funds in a trading account they had established.