A U.S. District Court grand jury in San Antonio on Feb. 2 indicted Richard Morin on six counts of wire fraud related to a real estate investment scheme. The indictment was unsealed on March 8.
According to the indictment, Morin solicited investor funds for businesses that would purchase and repair distressed houses.
Morin promised investors they would receive their invested principal, plus additional income, in less than four months.
Morin didn't have the ability to repay investors, the indictment states, and he spent investors' money on his own personal expenses and to pay mortgage interest on properties unrelated to his purported real estate repair business.
The Texas State Securities Board investigated the case with the FBI.