Jeremy McGilvrey of San Antonio was sentenced to 20 years in state prison on two counts of misapplication of property by a fiduciary.
McGilvrey, the former CEO of Hill Country Wealth, a money management firm, pleaded guilty to the counts on October 22 and was sentenced Nov. 30 by Bexar County state District Judge Maria Teresa Herr. McGilvrey was also ordered to pay a $10,000 fine and at least $1.9 million in restitution to his victims.
McGilvrey was convicted of spending some of his investors' money on his personal expenses. He spent investor funds to pay his personal credit card bills, buy a Mercedes-Benz automobile, and take trips to Las Vegas casinos, according to the Texas State Securities Board's Notice of Hearing to revoke McGilvrey's registration.
McGilvrey's registration was subsequently revoked on October 16.