Closing arguments in Uresti trial pushed to next week
State Sen. Carlos Uresti, co-defendant Gary Cain face federal charges
SAN ANTONIO – Updated Friday at 1:30 p.m.:
A delay in the trial will push closing arguments to Tuesday.
The delay was due to the judge working on what will be read to the jury.
Attorneys for Gary Cain called bankruptcy attorney Ron Smeberg as their final witness Thursday before resting their case in Cain's trial on federal fraud and money laundering charges.
Cain and his co-defendant, state Sen. Carlos Uresti, are accused in what the government calls a Ponzi scheme, where the men allegedly lured investors into investing in a now-defunct oil field sand fracking company, FourWinds Logistics.
When the company went bankrupt, Cain was hired as a consultant to clean up the financial mess.
Smeberg testified that Cain helped him work through the company's involuntary bankruptcy proceedings since FourWinds CEO Stan Bates was "not cooperating."
He said that Bates was "blowing away" what was left of the company's funds to pay off personal debts, buying expensive cars and hiring prostitutes.
Bates pleaded guilty last month to eight felony charges and is awaiting sentencing.
Uresti was the company's legal counsel, owned a 1 percent share and helped lure investors into FourWinds, prosecutors said.
The lawmaker and Bates are facing a combined total of 20 federal charges.
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