Jan 19
2011
2011
Samuel Longoria of Mercedes, convicted of the sale of unregistered securities and the sale of securities without a license, was sentenced Jan. 19 to a probated 10-year state prison sentence and ordered to pay $1.5 million in restitution within a year.
The sentence, handed down in the 445th state District Court of Cameron County, also requires Longoria to perform 300 hours of community service.
Longoria was indicted in 2008 on securities fraud and theft charges stemming from his role in the sale of fraudulent investments that were purportedly tied to a federal grant program.
Longoria promised Rio Grande Valley residents who were interested in starting small businesses that he could help them obtain federal economic development program loans.