North Texas Man Sentenced in Foreign Currency Trading Scheme
SHERMAN, TX—A 47—year-old former resident of Bonham, Texas, was sentenced to federal prison for operating a currency trading scheme in the Eastern District of Texas, announced U.S. Attorney John M. Bales today.
Frank Edwin Pate was found guilty by a jury on May 26, 2015, of two counts of wire fraud and one count of mail fraud following a five-day trial before U.S. District Judge Amos Mazzant. Pate was sentenced to 210 months in federal prison today by Judge Mazzant. Pate was also ordered to pay restitution in the amount of $2,829,589.84.
According to information presented in court, Pate perpetrated a fraud scheme on seven individuals who invested money with Pate for the purpose of trading foreign currency on their behalf. Pate’s scheme caused investors to invest over $3.4 million over a several year period for the purpose of currency trading. Instead of using the money for foreign currency trading, Pate spent a large portion of the money for his own personal expenses. Pate was indicted by a federal grand jury on Aug. 13, 2014.
This case was investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorneys J. Andrew Williams and Christopher Eason.