A press release of the U.S. Attorney’s Office in the Southern District of Texas reveals that a broker plead guilty earlier this month to conspiracy to commit mail fraud and securities fraud. The release states that the defendant was involved in "the promotion and marketing" as part of a "mortgage investment program." The defendant "admitted he made false representations to investors when he promised 12 percent interest, 1st liens on real estate, 72-hour liquidity and 70 percent loan to value ratio."

Mary Flood of the Houston Chronicle now reports that the government has secured a second plea in this case. In an article titled, "2nd Houston broker in fraud case pleads to conspiracy" she tells of the recent plea entered by this individual to the crime of conspiracy.

(esp) (w/ a hat tip to Bill Olis)