An Indianapolis man has been sentenced to 15 years in federal prison for his role in an investment fraud scheme in Texas.
Louis Simpson, 60, defrauded investors by claiming to operate a program with the Department of Housing and Urban Development, in which he obtained about $948,500 in wired funds from investors, according to the U.S. Attorney in the Eastern District of Texas.
Simpson provided investors with fraudulent letters from HUD officials and false bank documents from financial institutions, the U.S. Attorney said.
He was indicted in June 2008 and found guilty by a jury on Oct. 29, 2009, of seven counts of wire fraud and two counts of aggravated identity theft. He was sentenced by a judge on Thursday.
The judge ordered Simpson to pay restitution in an amount yet to be determined.