Bee Cave Businessman Gets 17 Years For Ponzi Scheme
Ponzi schemes are in the news today, and it’s not just because Gov. Perry is blasting Social Security or Bernie Madoff’s wife is on a book tour. No, this time it’s because a Bee Cave business man has been sentenced to 17 years behind bars for operating a $75 million Ponzi scheme that employed Heisman Trophy-winning football players to help promote it.
Kurt Barton of Triton Financial was found guilty in August of 39 counts of fraud. His investors included family members and people who attended his church, and Barton used the money to pay for a costly lifestyle that included a luxury box at University of Texas football games, YNN reported.
U.S. District Judge Sam Sparks called Barton’s behavior “despicable” today before handing him the 17 year sentence, according to the Austin American-Statesman. Sparks said he lost track of how many times Barton had lied in orchestrating the fraud.