Ramiro Lugo Amaya of Corpus Christi was sentenced to 10 years in state prison for selling unregistered securities, but received a suspended sentence.
Amaya was placed on 10 years' probation and ordered to pay $157,345 in restitution.
The Order of Deferred Adjudication was entered July 25.
Amaya sold investments from National Life Settlements LLC, a Houston company that sold fraudulent promissory notes. The notes were purportedly backed by the proceeds from death benefits paid by insurance policies.