Triton President and CEO Kurt Barton Sentenced to 17 Years (another Ponzi scheme)

[Dover]

Source: U.S. Attorney's Office




The United States Attorney’s Office announced that in Austin today, 44-year-old Kurt Branham Barton, founder, president, and CEO of Triton Financial, L.L.C., was sentenced to 17 years in federal prison followed by five years of supervised release for carrying out a Ponzi scheme which victimized more than 300 individuals and resulted in a total estimated loss to investors of over $50 million.

In addition to the prison term, United States District Judge Sam Sparks ordered that Barton pay restitution in the amount of $63,707.496.

On August 17, 2011, a federal jury convicted Barton of conspiracy to commit wire fraud, making false statements to secure loans from financial institutions, and money laundering, as well as multiple substantive counts including one count of securities fraud, 15 counts of wire fraud, five counts of making a false statement related to the acquisition of loans, and 17 counts of money laundering.

Evidence presented during the eight-day trial revealed that from December 2005 and December 2009, Barton devised a scheme to obtain money from investors under false pretenses. Barton represented to investors, including members of the defendant’s family, members of the Church of Jesus Christ of Latter Day Saints, business leaders, as well as professional football players, that Triton was purchasing properties, businesses and other assets with their funds when, in fact, he was using their money to satisfy the needs of other ventures and the need to pay quarterly dividends or redemptions to prior investors. Testimony also revealed that Barton used prominent former National Football League players and Heisman Trophy winners to solicit and encourage additional investors. To conceal his scheme, Barton presented fabricated and fictitious versions of his E*Trade monthly account statement to financial institutions, commercial lenders and potential investors.


Read more: http://www.fbi.gov/sanantonio/press-releases/2011/triton-president-and-ceo-kurt-barton-sentenced-to-

---

From AP

...Investors including Barton's family and church members thought their money was for real estate deals and business loans. Prosecutors say Barton spent it on himself, using the money to pay for such things as a luxury box at University of Texas football games and a $150,000 car.

He could have been sentenced to up to life in prison.

http://austin.ynn.com/content/top_stories/281266/kurt-barton-gets-17-year-sentence-in-ponzi-scheme

[Kingofalldems]

1. Trigger a Phyllis Diller laugh on this one

[thelordofhell]

2. Don't forget the pre-schooler's prostitute ring

And all the times he sold dope dressed like a nun

[formercia]

3. Nasty Habit. n/t

[plumbob]

4. He needed to get life. Hell, he'll only be 61 when he gets out.

Much too likely to achieve that age to suit me.