Mar 21
2013
2013
Robert Roland Langguth was sentenced to four years in federal prison on March 21 for operating a real estate fraud in Central Texas.
Langguth had pleaded guilty to one count of wire fraud and one count of money laundering in perpetrating a fraud that cost investors at least $7 million. Langguth admitted using a series of companies to sell non-existent interests in short-term loans that were supposed to be used to finance real estate projects.
Langguth falsely told investors he was an experienced "bridge lender"and misrepresented his experience in the real estate business. He also misrepresented the structure and safety of the short-term loans at the center of his business.