Stephen Bayliss Jones of Corpus Christi was sentenced to 12 years in prison on July 12 for stealing money from investors in a building materials scam. Jones had previously pleaded guilty to a charge of felony theft.
Judge Nanette Hasette of the 28th District Court in Nueces County sentenced Jones to the maximum prison term allowed under his plea deal.
Jones stole money from investors who bought unregistered stock in a company called King's Cross Resources.
Jones said the money would be used to test building materials that could be used in storm-prone areas such as the Texas Gulf Coast. Evidence presented in court showed that Jones used investors' money to pay for unrelated personal expenses, including $35,000 in mortgage payments and $28,000 on restaurants, groceries, and department store bills.
Attorneys in the Enforcement Division of the State Securities Board served as special prosecutors in the case.