Uresti co-defendant sentenced to 68 months in federal prison
Gary Cain was consultant for FourWinds Logistics
Gary Cain, a co-defendant in the federal trial of former state Sen. Carlos Uresti, was sentenced Wednesday to 68 months in federal prison.
Cain was found guilty in February on one count of conspiracy to commit wire fraud, one count of conspiracy to commit money laundering and seven counts of engaging in monetary transactions with property derived from specified unlawful activity for his role as a consultant for FourWinds Logistics, a now-bankrupt oil field sand fracking company.
Cain and Uresti were part of a Ponzi scheme that defrauded investors out of millions of dollars, federal officials said.
In addition to the sentence, Cain must pay $6.3 million in restitution and will be on three years supervised release after he completes his prison term.
"I think the judge did what he could to sentence fairly based on the jury and the verdict they returned. We are going to appeal the verdict. We think the verdict is wrong," said Chad Muller, Cain's attorney.
Cain will begin serving his sentence on Sept. 25 due to medical issues.
On Tuesday, Uresti was sentenced to 12 years in federal prison and ordered to pay $6 million in restitution.
Another defendant, Stanley Bates, who pleaded guilty to eight federal charges, will be sentenced Aug. 6.
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