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Former Longhorns football player pleads guilty to fraud

Facing any type of criminal charges can prove to be devastating. For some people, those charges carry undesirable consequences that might necessitate a plea bargain or a no contest or guilty plea. Texas residents might be interested in learning that a former Longhorns football player has recently pleaded guilty to fraud charges.

The man pleaded guilty to money laundering and wire fraud that were part of a foreign trading scam. These charges also included a four-year Ponzi scheme that netted $2 million. In exchange for his guilty plea, the man was ordered to pay full restitution and serve 90 months in a federal prison for each charge. The sentences are to be served concurrently.

He was arrested in January and has been denied bail twice because prosecutors claim that he is a threat to the public if released. A judge ruled that there weren't any suitable supervisory conditions that would stop the man from posing a financial threat or trying to influence witnesses.

This wasn't the man's first guilty plea on fraud charges. He also pleaded guilty in 1999 to securities fraud and federal conspiracy charges stemming from a foreign trading scam that cost investors more than $30 million. For that conviction, he received a 10-year prison sentence.

If you find yourself the subject of any type of fraud investigation or learn that you are facing fraud charges, contacting a Texas attorney with ample experience in criminal law can help you to understand the charges and consequences associated with those charges. Working with an attorney might help you to get the lightest sentence possible for your case.

Source: American-Statesman, "Former NFL, Longhorn player Russell Erxleben pleads guilty to fraud charges" Jazmine Ulloa, Dec. 18, 2013

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