Stanley James, Jr., of Richmond pleaded guilty on Oct. 12 to charges of theft, money laundering and misapplication of fiduciary property in connection with a fraudulent investment company that took in more than $385,000 from investors. Fort Bend County state District Judge Clifford Vacek sentenced James to 15 years in state prison.
James solicited investors for various enterprises, including concert promotions, a record company, and day trading and overseas trading of securities.
Evidence in the case showed that James used investors' money for personal expenses, including trips of Las Vegas and building a swimming pool at his residence.
The case was investigated and prosecuted by Mogey Lavelle, assistant director of the Enforcement Division in the Houston office of the Texas State Securities Board, and W. Scott Carpenter, an assistant district attorney in Fort Bend County.