Apr 14
2004
2004
On April 14, 2004, Rufino Serna Muñoz and Jose Luis Balderas were sentenced to federal prison terms and the payment of $1,659,695.69 in restitution to 54 investors. On January 27, 2004, both men pled guilty in U.S. District Court, Southern District of Texas, Corpus Christi Division to Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments. Judge Janis Graham Jack sentenced Muñoz, of Corpus Christi, to 60 and 90 month prison terms to run concurrently. Balderas, of Crystal City, was sentenced to 60 and 87 month prison terms to run concurrently. Muñoz and Balderas operated an international bank debenture and overseas commodity trading investment program under the names 3M Limited and 2M International.