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Broker accused of using NFL stars to defraud

Broker accused of using NFL stars to defraud
News
Wednesday, February 16, 2011 - 4:48am

AUSTIN, Texas (AP) - A former CEO of an Austin-based investment firm has been indicted on 33 counts that allege he used former NFL stars and church contacts to raise $50 million fraudulently from investors.

The counts against Kurt Branham Barton include money laundering, wire fraud and securities fraud.

The Austin American-Stateman reports that he stands accused of using the money raised from investors "to support an expanding Ponzi scheme" and to enrich himself and the chief financial officer of his Triton Financial firm.

A message left at Barton's home Tuesday night by The Associated Press was not returned.

The Securities and Exchange Commission filed a securities lawsuit against the firm in 2009, prompting a judge to place the firm in receivership.
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Information from: Austin American-Statesman,
http://www.statesman.com


(Copyright 2011 by The Associated Press. All Rights Reserved.)

 

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