Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Frisco Man Pleads Guilty to $3 Million Ponzi Scheme

A Frisco man has pleaded guilty for his alleged participation in a Ponzi scheme involving more than $3 million. Thomas Lester Irby II entered his guilty plea on Thursday, December 16, 2010.

According to reports, the 41-year-old Frisco man pleaded guilty to felony charges of money laundering, theft and securities fraud in a Ponzi scheme that supposedly took more than $3 million from unsuspecting investors.

Investors were told that Mr. Irby, owner of Plano-based Titan Wealth Management, was going to invest their money in what he referred to as “European Mid-Term Notes.” They were under the impression that they would be receiving low-risk returns on their investments. In the end, they got nothing.

Commercial real estate broker Jeffrey Staubach, and son of legendary football great Roger Staubach, lost $600,000 by investing with Mr. Irby. Mr. Staubach indicated that he knew Mr. Irby for years and that he trusted him. He was planning on using the money to put his three children through school.

“I never thought for a minute he could be committing fraud,” said Mr. Staubach.

Karen Bowie of York, Maine, and John J. Kim of Sparks, Md., have also been indicted on charges involving the alleged investment scam.

The Securities and Exchange Commission has filed a lawsuit against Mr. Irby, as well.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram