On June 3, 2020, Richard Leal Ferguson was arrested on charges of securities fraud and theft. He was also arrested and charged with aggravated sexual assault of a child. He was confined in the Cameron County Jail and his bond was set, collectively, at $700,000.00.
Ferguson is already a convicted felon. He was previously convicted of theft by deception and placed on probation. After a TSSB investigation revealed he committed crimes while on probation, his probation was revoked. The Cameron County District Attorney’s Office then convicted Ferguson of illegally raising $3.1 million from over 100 investors, and Ferguson was sentenced to serve 12 years in prison.
The present indictments charge Ferguson with fraud and theft in selling investments in fast-track loan programs and distressed asset and liquidation agreements. He allegedly concealed his criminal history, misrepresented that investor funds were insured and secured against loss and stole their money.
The securities fraud and theft indictments are first degree enhanced felonies, and Ferguson faces a minimum of 15 years in prison if convicted of the crimes. Aggravated sexual assault of a child is also a first-degree felony punishable by up to 99 years or life in prison.
The Cameron County District Attorney’s Office is prosecuting the cases. Angela Cole, a TSSB enforcement attorney, has been appointed as a special prosecutor to prosecute the securities fraud and theft charges.