610SPOR2 35h_CBSSportsRad_Houston

News

Ex-Houston Attorney Pleads Guilty In Ponzi Scheme

View Comments
(credit: Getty Images)

(credit: Getty Images)

Featured Items

77820352_8PHOTOS: The Bikini: from the '50s to Now

77820352_8Meet The 6-10s

77820352_8Best 7 Events At The Astrodome

77820352_8World Cup's Hottest Fans

From Our CBS Music Sites

77820352_8JJ Watt Will Deliver Pizza To You?!

77820352_8Photo: Kim Kardashian Shows Off Her Famous Booty & Topless!

77820352_8Reporter Shot At While Covering A Homicide

77820352_8Do’s And Don’ts Of Kissing

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

A former attorney in Houston who portrayed himself as a real estate investment tycoon has pleaded guilty in a $7.8 million Ponzi scheme.

Federal prosecutors in Houston say 67-year-old Billy Frank Davis pleaded guilty Monday to wire fraud. Investigators say more than 20 investigators were scammed.

Prosecutors say Davis during the past 10 years pretended to be in the real estate investment business. He used money from investors to pay his previous debts and fund his personal lifestyle.

Davis faces up to 20 years in prison when he’s sentenced in early 2013.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus