DEL RIO, Texas (AP) – A federal judge in South Texas has sentenced three men to prison and ordered repayment of more than $4.2 million in an investment scam targeting nonprofit groups.
Prosecutors on Friday announced the penalties in the scheme operating from 2010 to 2017 in which nonprofits were promised large-scale financing in exchange for upfront payments.
Records show 51-year-old Kelly Ray Coronado of Del Rio pleaded guilty to conspiracy to commit wire fraud and was sentenced Wednesday to 51 months in prison. Co-defendant 59-year-old James Edward Cox of Waxhaw, North Carolina, pleaded guilty to the same count and must serve 6 years in prison.
A third man, 55-year-old Gordon Richard Moskowitz of Sarasota, Florida, pleaded guilty to conspiracy to commit money laundering and was sentenced to nearly four years in prison.