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The federal courthouse in Austin (Josh Hinkle/KXAN)
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Plea deal reached in ponzi scheme case
Feds say victims defrauded out of millions
Updated: Tuesday, 20 Nov 2012, 5:38 PM CST
Published : Tuesday, 20 Nov 2012, 5:38 PM CST
AUSTIN (KXAN) - A plea deal would send the suspect in a multi-million dollar ponzi scheme to prison for four years.
Robert Langguth agreed to the deal at a pre-trial hearing Tuesday morning.
Langguth plead guilty to charges of fraud and money laundering while many of his victims sat in the courtroom. Those victims were investors in Langguth’s Capital Finance company.
The arrest warrant says Langguth stole between $7 million and $20 million from up to 250 victims
“The first honest words that came out of Langguth’s mouth is when he pled guilty to these charges today,” said Rick Prekup, whose mother lost up to $200,000.
The judge can still decide not to accept the plea at the sentencing hearing which will take place within the next 90 days.
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