Thomas Lester Irby of Frisco on Dec. 20 was sentenced to 24 years in state prison on a money laundering charge in connection with his sale of purported high-yield investments from European banks.
Irby was also sentenced to 10 years deferred adjudication on charges of theft and securities fraud and was ordered to pay $700,000 in restitution to two of his victims.
Irby pleaded guilty to the charges on Dec. 12. Irby operated Titan Wealth Management LLC in Plano. He promised investors they could earn short-term returns of 10% to 50% on notes issued by European banks.
According to court documents, no investor funds were used to buy such investments. Irby used investors' money to pay for some of his personal expenses and to pay earlier investors in the scheme.