It is one thing to steal money - it is quite another to take it from the elderly. Yet, that is exactly what one man did in Texas when he stole nearly $7 million from senior citizens.

The 77-year-old Texas resident had made quite a reputation for himself by running a property management firm and insurance company. By targeting senior citizens, he was able to obtain new investment funds to pay off old debts from previous investment schemes. When he became very low on funds, he filed for Chapter 7 bankruptcy back in 2009.

However, his fraudulent ways were finally discovered and he was arrested on multiple charges including fraudulent sales of securities, selling unregistered securities and acting as a dealer without registering.

After reviewing the details of his case, a judge sentenced him to 15 years behind bars in a federal prison.

Chapter 7 bankruptcy can address financial hardships, but should never be filed for without the help and guidance of a South Texas bankruptcy attorney. If you are thinking about filing, contact the Malaise Law Firm now to enlist our legal services!