San Antonio oilman Brian Alfaro drew a 10-year prison sentence this week after being convicted of defrauding investors in oil and gas wells in Texas out of millions of dollars.
The 51-year old Alfaro was sentenced Tuesday by U.S District Judge Fred Biery who also ordered him to pay nearly $9.9 million in restitution—but not before the judge ordered him to face some of his accusers in the courtroom.
The judge ordered Alfaro to turn around and face one of his victims and explain how he lost $100,000 of the man’s life savings.
“I should have been more vigilant in looking at the financials, evaluating the overage expense issues, and not take the draws at the time I took them,” Alfaro said. “I’m sorry for this.”
News reports and prosecutors said Alfaro used the money to support an extravagant lifestyle that included a $500,000 Lamborghini and season tickets to the Spurs NBA games with seats behind the team bench.
Alfaro had been convicted of seven counts of mail fraud in his eight-day trial. He faced up to 20 years in prison but the judge ordered him to serve 121 months in custody and three years of probation afterward.
Prosecutors and others claimed 425 investors were victims of criminal conduct in which they lost more than $9 million of investments. At least 39 of them filed a civil lawsuit against Alfaro.
Source: San Antonio News-Express
