Mon. Apr 22nd, 2024

Texas Attorney General Ken Paxton reaches deal to avoid securities fraud trial

By 37ci3 Mar27,2024

Texas Attorney General Ken Paxton has agreed to pay nearly $300,000 in restitution, take legal ethics classes and perform 100 hours of community service as part of a plea deal to avoid a jury trial in a securities fraud case.

Paxton, a Republican, was charged in 2015 with three felony counts of defrauding investors, including failing to disclose profits from investments he urged people to make. He reported he pleaded not guilty.

If Paxton complies with the terms of the plea agreement, prosecutors will have 18 months to dismiss the charges.

After the plea deal was announced in court Tuesday, Paxton’s lawyer, Dan Cogdell, told reporters that Paxton reiterated his innocence: “There was no admission of guilt.” “But we’re glad that’s behind us.”

Cogdell, who explained why he was willing to pay the substantial sum when Paxton was innocent, said jury trials were unexpected.

“It’s cheaper than what he would have to pay me if we went to court,” Cogdell said. “There are no guarantees when you go to court. Any lawyer will tell you this.”

Despite a flourishing political career, Paxton has been facing corruption allegations for nearly a decade. Last year, he was impeached by members of his own party in the Texas House of Representatives over corruption allegations. He was tried in the Texas Senate, but was acquitted and returned to office.

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By 37ci3

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