PLANO (CBSDFW.COM) – Dallas County twin brothers were sentenced to prison today for federal violations in the Eastern District of Texas.
Roger Harvey Wagner, of Grand Prairie and Rodney Lee Wagner, of Cedar Hill, each pleaded guilty on July 7, 2016, to conspiracy to commit wire fraud and were sentenced to 48 months in federal prison on Mar. 8, 2017, by U.S. District Judge Amos Mazzant. The 52-year-old twins were also ordered to pay restitution in the amount of $1,895,318.62.
According to information presented in court, the Wagner brothers perpetrated what amounted to a Ponzi scheme that caused investors to lose over $2.1 million. From February through November 2010, the brothers solicited money from investors to be invested in foreign currency trading. The brothers promised investors they would be repaid their principal plus a fixed rate of return that would be paid out to them over a series of weeks. Very little of the invested money was used for foreign currency trading, and prosecutors contended the money received from the latest investors was used to repay earlier investors to keep them lulled.
"These scams, unfortunately, are in our midst," said Acting U.S. Attorney Featherston. "I encourage all potential investors to fully investigate any investment opportunity before handing over hard earned money. If a deal sounds too good to be true, as the saying goes... it usually is! These two individuals may not wear a mask over their face and may not carry a gun, but they are as much a thief as those that do, and they deserve the just punishment handed down by the court."
This case was investigated by the Texas State Securities Board and the Federal Bureau of Investigation and was prosecuted by Assistant U.S. Attorneys Andy Williams and Tom Gibson.
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