William Leon Fenoglio of Bowie was sentenced on December 17, 2009, to six years in state prison for second-degree securities.
Fenoglio, a licensed insurance agent at the time, sold one-year debt securities totaling $122,000 to six elderly investors. He promised an annual return of 15 percent.
Fenoglio told the investors he would use their money to expand his insurance agency but instead spent most of the money on personal expenses and to pay debts to previous investors.
Fenoglio was indicted for securities fraud in Erath County on March 26, 2008, and pleaded guilty on October 29, 2009.