Jun 29
2007

Philip Lee Head, of Galveston, Texas, was convicted on June 29, 2007, in the 212th District Court of Galveston County, Texas, Cause No. 06CR0955, to securities fraud and misapplication of fiduciary property involving the offer for sale and sale of securities in connection with Retriever Equity Fund. He was sentenced to 32 years in the Institutional Division of the Department of Criminal Justice, a $10,000 fine, and ordered to pay $3,700,000 restitution for the securities fraud charge. Head was also sentenced to 25 years in the Institutional Division of the Department of Criminal Justice and a $10,000 fine for the misapplication of fiduciary property charge, the sentences to run concurrently.