McKinney Man Who Ran Ponzi Scheme Gets Prison Time, Ordered To Pay $13M In Restitution

Dallas TX

22 May, 2021

7:17 PM

Description

CBS Dallas/Fort Worth May 22, 2021 A McKinney man who ran a Ponzi scheme has been sentenced to 5 years in federal prison and ordered to pay $13 million in restitution to his victims. Patrick Howard – owner of Insured Liquidity Partners CGF I, Insured Liquidity Partners CGF II, and Capital Ventures, LLC – pleaded guilty to securities fraud in November 2020. He was sentenced on May 20 and taken into custody immediately after the hearing. In plea papers, Howard admitted to running a Ponzi-type scheme, recruiting more than 100 investors to purchase $13 million in membership units for $50,000 apiece. His companies promised investors 12% annual returns, paid quarterly, and "insured liquidity." CBS Local Digital Media personalizes the global reach of CBS-owned and operated television and radio stations with a local perspective.