SAN ANTONIO – A San Antonio man on Friday was sentenced to 51 months in federal prison for defrauding 15 investors out of more than $280,000.
A judge also ordered William Brandon Cate, 28, to pay $253,869.84 in restitution. He will also be placed under supervised release for three years after completing his prison term.
Cate pleaded guilty to one count of wire fraud in late September. He admitted that he and others created and managed a company called CT Trading, LLC in 2012.
Cate admitted to embezzling money from investors through a series of wire transfers to pay for personal expenses in 2013 and 2014. He experienced substantial trading losses while managing investments and created fraudulent account summaries that showed inflated revenue to investors.