William Allen Risinger of Round Rock was sentenced to 160 months in federal prison on May 6 for stealing money from investors in oil, gas, and mineral venture schemes.
Risinger raised an estimated $4.5 million from investors in the energy ventures. A money judgment was entered against Risinger that requires him to pay $3.7 million to his victims.
Risinger gambled away money that could have been used to repay investors, according to court testimony at his sentencing. He lost an estimated $500,000 gambling in Las Vegas between November 2015 and February 2016.
In January, Risinger pleaded guilty in U.S. District Court in Austin to one count of wire fraud and one count of money laundering.