SAN ANTONIO – For the first time a jury is expected to hear witness testimony in the trial of Texas Sen. Carlos Uresti accused of money laundering and fraud.
Senator Uresti is believed to have taken part in a Ponzi scheme. Federal prosecutors will try and convince the jury that Uresti intentionally deceived investors for his own personal gain.
The District 19 elected official's lawyers argued that Uresti was a mere “finder,” who was unfamiliar with how the now-defunct FourWinds oil field company operated.
In opening statements on Monday, Assistant U.S. Attorney Joseph Blackwell told the jury that Uresti and co-defendant Gary Cain knew the sand company was failing, and that the business partners lied to potential investors that it was successful.
The business partners are accused of defrauding investor Denise Cantu of $800,000.
Uresti is charged with securities fraud, wire fraud and money laundering. He could face time in prison and lose his 21-year political career as a State Senator if convicted.
His prominent attorney, Michael McCrum, said Uresti is an innocent man caught up in the dirty dealings of a bad company.
“The evidence is going to show he didn’t know what Stan Bates was doing with that money. It’s going to be clear about that. And, because of that he shouldn’t have been charged,” said McCrum.
Four other FourWinds executives pleaded guilty last year.
Uresti’s downtown San Antonio law office was raided by the FBI in February of 2016. Three months later he was indicted by a federal grand jury for conspiracy.
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