Aug 5
2002

On August 5, 2002, Richard T. Taylor, age 52, was sentenced by the Honorable United States District Judge Barbara M. G. Lynn to 10 years imprisonment, and ordered to pay $3.3 million in restitution to victims of his crime. Taylor pled guilty in March 2002 to one count of securities fraud and one count of mail fraud stemming from his operation of Transworld Bankers in Houston and Spring, Texas, where he sold certificates of deposit (CDs) brokered through his company, through sales agents in Dallas County. In total, Taylor admitted that his fraudulent activity caused an approximate $8 million loss to his investors, who were mostly senior citizens.