A former financial advisor in Corpus Christi, Texas, was sentenced to 20 years for fraud and 10 years for theft in connection with a Ponzi scheme he orchestrated.
William Charlton Mays IV will serve the sentences handed out by a Neuces County judge concurrently, the Texas State Securities Board said today.
Mays raised $225,000 from his clients with boasts that he could earn them 6 percent to 18 percent annually from gold, silver and commodities investments, the board said.
Instead, he used most of the money for personal expenses ranging from child support to pool maintenance.
Other parts of the money Mays raised were doled out in Ponzi fashion, with payouts to old clients from new clients.
In addition to the jail time, sanctions included an order to pay back investors $102,117 and a $20,000 fine.
Mays was an advisor from 1995 to 2011.