Jan 23
2009

Ronald Keith Owens of Mineral Wells was sentenced January 23, in the 29th Judicial District Court of Palo Pinto County, in cause No. 13609, to serve 60 years in state prison. Owens sold investment contracts in New Life Trading Group and Executive Investors Joint Venture, representing that funds would be used in a prime bank trading company overseas. No funds were ever invested in any off-shore investment program. Instead Owens used them to pay investors a purported return on their investments and to pay his own business and personal expenses. Owens was previously sentenced in U.S. District Court to serve 63 months in federal prison and ordered to pay restitution to both his victims and the IRS in the amount of $3,132,680.79.