Walter Demond, a former attorney for the Pedernales Electric Cooperative, was found guilty of theft and other charges by a Kendall County jury on Tuesday. He was sentenced to ten years probation and a $10,000 fine according to the Austin American Statesman.
Earlier in the day The San Antonio Express News providedthis rundownof what exactly Demond was found guilty of.
Jurors convicted him on first-degree felony theft of more than $200,000 over PEC funds that were secretly funneled through Demond's former firm, Clark, Thomas & Winters, to the relatives of two former PEC officials. The jury also found him guilty of money laundering in excess of $100,000, and misapplying between $100,000 and $200,000, both second-degree felonies.
Demond is the second official to be sentenced in the probe into misappropriation of funds at the Electric cooperative between 1996 and 2007. The PEC's former General Manager, Benniee Fuelberg, wasfound guilty last December of felony theft.
