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Ponzi schemer formally sentenced to four years
Feds say victims defrauded out of millions
Updated: Thursday, 21 Mar 2013, 3:52 PM CDT
Published : Thursday, 21 Mar 2013, 11:09 AM CDT
AUSTIN (KXAN) - A man who pleaded guilty to charges of fraud and money laundering while pocketing as much as $20 million was formally sentenced Thursday to 48 months in prison.
Robert Langguth agreed to the the sentence as part of a plea deal reached in November and was announced while many of his victims sat in the courtroom. Those victims were investors in Langguth’s Capital Finance company.
An arrest warrant says Langguth stole between $7 million and $20 million from up to 250 victims.
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