Dec 17
2014

Robert J. Andres, the investment manager of Houston-based Winsome Investment Trust, was sentenced to 56 months in federal prison on Dec. 17 after pleading guilty to one court of wire fraud in U.S. District Court in Salt Lake City.

A final order of restitution is pending.

According to the indictment of Andres, he operated a fraudulent trading operation that raised $72 million from investors and resulted in losses of $40 million.

Andres disseminated false balance sheets to Winsome investors and promised their money would be invested in a trading program, but used millions of dollars of investor funds to pay earlier investors.