Texas Sen. Carlos Uresti Indicted On Fraud Charges
State Sen. Carlos Uresti, accused of misleading a former client who invested in a company in which Uresti has a financial stake, was indicted by a federal grand jury on 11 charges over his involvement in the alleged investment Ponzi scheme, one of two separate indictments issued Tuesday.
The federal grand jury charged Uresti, a San Antonio Democrat, with one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering. The indictment also charges Uresti with five substantive counts of wire fraud; two counts of securities fraud; one count of engaging in monetary transactions with property derived from specified unlawful activity; and one count of being an unregistered securities broker.
Uresti, a personal injury attorney, has been entwined in a complicated saga involving FourWinds Logistics, which sold sand used in hydraulic fracturing, a process that extracts oil and gas from shale rock.
Uresti's office did not immediately respond to a request for comment Tuesday.
A lengthy investigation published by the Express-News in August first detailed Uresti’s involvement in the company and fraud allegations it faces.