Apr 12

Terrence Riely, who pleaded no contest to misapplication of fiduciary property in Bexar County state District Court, on April 12 was ordered to pay restitution of $218,990, serve 10 years community supervision and perform 240 hours of community service.

Riely was an officer of the Paramco Financial Group, which sold promissory notes through sales agents in and around San Antonio.

Riely was indicted in 2010 for the fraudulent sale of securities and for failing to tell investors about previous legal judgments against himself and Paramco.

The indictment also alleged that Riely failed to tell investors that his late partner, Douglas Gregg, had been the subject of state regulatory sanctions in Texas and Utah.