Russell Erxleben charged with running Ponzi scheme - | KTBC Fox 7 | News, Weather, Sports

Russell Erxleben charged with running Ponzi scheme

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A federal grand jury has indicted former Longhorn and NFL kicker Russell Erxleben for participating in what investigators say was a $2 million Ponzi scheme.

The eight count indictment charges Erxleben with five counts of wire fraud, one count of securities

According to the indictment, Erxleben used several companies to promote investments in post-World War I German government gold bonds and a work of art allegedly by a famous 19th and 20th century artist Paul Gauguin

Erxleben is also accused of using the investment proceeds for himself and his family as well as to pay dividends to previous investors. Investigators say that he also made various wire transfers involving several accounts in order to evade detection.

Additionally, according to the indictment, Erxleben did not disclose to investors that he was convicted in 1999 for felony securities fraud and conspiracy to commit securities fraud. He also allegedly failed to mention that he owed approximately $28 million in restitution from the convictions.

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