FourWinds CEO Gets 15 Years In Prison

September 11, 2018

 

The onetime CEO of fracking sand trader FourWinds Logistics was sentenced on Tuesday to 15 years in federal prison.

Stanley Bates, who’s been called by prosecutors the instigator of a Ponzi scheme that defrauded investors and ended the career of Texas state Senator Carlos Uresti, appeared in a San Antonio courtroom Tuesday morning.

He made an apology just after Judge David Ezra read his sentence.

Bates is also sentenced to three years supervised released following his prison term

Bates and Uresti — who resigned as state senator in June and has been sentenced to 12 years in prison on fraud and money laundering accounts — along with a company consultant have been ordered to pay $6.345 million in restitution, according to TV station KFDA.

Prosecutors said investments were spent on prostitutes and luxuries.