A federal jury in San Antonio on Feb. 13 found Brian Keith Alfaro guilty of seven counts of mail fraud in connection with defrauding investors in Primera Energy LLC, the oil and gas exploration company he owned.
Alfaro's sentencing is scheduled for June 22.
The 2018 indictment of Alfaro alleges that he misrepresented to investors that their money would be used to pay for costs associated with acquiring leases and testing and drilling costs, as well as a management fee.
According to the indictment, Alfaro the funds into financial accounts he controlled and used the money to support an "extravagent lifestyle." The indictment includes a notice to seek the forfeiture of two homes owned by Alfaro, one in San Antonio and one in Port Aransas.
At trial, prosecutors said Alfaro used investor money to buy a Lamborghini for approximately $500,000 and season tickets for the San Antonio Spurs.