Jun 26

On June 26, 2001, Bradley J. Farley , of San Antonio, was sentenced to 7 years in state prison by Judge Bert Richardson of the 379th Judicial District Court of Bexar County in connection with his conviction for misapplication of fiduciary property and selling unregistered securities in case number 2000-CR-3149. Operating under the name Abba Funding, from offices in San Antonio, Mr. Farley used extensive advertising to obtain approximately $9 million from mostly elderly investors. The funds were used to purchase certificates of deposit that were pledged to banks by Mr. Farley as collateral for loans to himself and used for such purposes as the purchase of a personal residence in the Dominion subdivision near San Antonio, leasing 7 automobiles, including two Mercedes Benz's, trips to Hawaii and London. The collateral was seized through state search, forfeiture and receivership actions resulting in almost total recovery to the investors. The case resulted from an investigation conducted by the Texas Securities Board and the Bexar County District Attorneys Office. In addition to the criminal action, a receivership and injunctive action was filed at the request of the Texas Securities Commissioner through the Office of the Texas Attorney General, in the 166th Judicial District Court, Bexar County, Texas, Cause Number 2000-CI-02173.