SAN ANTONIO – A father and son were arrested and charged in connection with an alleged Ponzi scheme that defrauded investors out of more than $800,000, according to U.S. Attorney Gregg N. Sofer and FBI Special Agent in Charge Christopher Combs of the San Antonio division.
Earl Roberts Sr., 76, and Larry Roberts, 50, were charged with one count of conspiracy to commit wire and mail fraud, two counts of wire fraud, and two counts of mail fraud.
According to court reports, the duo owned and operated a company “engaged in the business of ‘factoring’ invoices and receivables from other companies.”
Their business ceased operations in December 2016 but continued to solicit investor funds until February 2018, according to authorities. Reports said that “investors were told that their money would only be used to factor receivables when in fact the defendants used investor funds to pay withdrawals and interest payments to previous investors.”
The San Antonio residents were arrested Monday without incident, and they have both been released on bond, according to reports.