AUSTIN (KXAN) – Nate Paul, the Austin real estate investor tied to Attorney General Ken Paxton’s impeachment, pleaded not guilty Wednesday to four wire fraud charges filed this month.
The four November counts were stacked on top of eight initial counts of making false statements to lending institutions, according to a superseding indictment.
Paul, 36, asked the court to waive his in-person arraignment scheduled for Thursday on the latest federal charges, and U.S. Magistrate Judge Mark Lane accepted the request. Paul is the head of World Class Holdings — a sprawling, multi-billion-dollar real estate company with high-value properties across Austin and beyond.
In the latest counts related to wire fraud, Paul is accused of sending false statements to partners involved in limited partnerships. Prosecutors allege Paul overstated partnership bank balances, understated how much the partnerships were owed and wrongfully removed money from the companies to use for his other businesses, according to a superseding indictment.
Penalties for the new charges range up to 20 years in prison and $250,000 in fines per count. The eight initial counts are each punishable by up to 30 years in prison and $1 million fine, according to the U.S. Department of Justice.
Paul pleaded not guilty to the first eight federal counts in June. Prosecutors allege Paul lied to lenders to obtain $172 million in loans, according to an indictment.
Paul’s trial on the initial charges was scheduled for July 2024. It is unclear if the four latest counts will affect that trial date.