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AUSTIN (KXAN) — Nate Paul, the Austin real estate investor at the center of the Ken Paxton impeachment, now faces new federal charges in addition to the eight he was charged with over the summer.
Federal prosecutors charged Paul, 36, with four new counts related to wire fraud, according to a release from the U.S. Department of Justice.
The release said according to court documents, Paul allegedly conspired to obtain money from limited partners by falsely representing that he would isolate the partnership’s assets to be used exclusively for the benefit of the partnership.
According to the release, the scheme allowed unrestricted use of limited partnership funds.
Paul’s new charges include one count of conspiracy to commit wire fraud and three counts of wire fraud. These are in addition to the initial eight counts of false statements.
The new charges carry penalties of up to 20 years in prison with fines of $250,000 per count, according to the DOJ.
Each of the eight counts in Paul’s initial June 6 indictment carries a maximum penalty of up to 30 years in prison with a fine of $1 million.
The DOJ release said a federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The FBI and State Securities Board are investigating the case. Assistant U.S. Attorneys Robert Almonte, Alan Buie and Dan Guess are prosecuting the case.
KXAN reached out to one of Paul’s attorneys for a statement and will update this story when we receive a response.
This is a developing story.
https://www.kxan.com/news/local/austin/nate-paul-austin-investor-tied-to-ag-paxton-facing-4-additional-federal-charges/ Nate Paul, Austin investor tied to AG Paxton, facing 4 additional federal charges