Man behind aviation Ponzi scheme sentenced to 11 years in prison, must pay $7.4 million in restitution

 Man behind aviation Ponzi scheme sentenced to 11 years in prison, must pay $7.4 million in restitution

SAN ANTONIO – A Boerne man who targeted retired San Antonio police officers, other first responders and their families in a massive Ponzi scheme was sentenced in federal court this week to more than 11 years in prison.

In addition to serving the 135-month federal prison sentence, Victor Farias, 48, must also pay back his victims more than $7.4 million in restitution, officials with the U.S. Department of Justice confirmed Thursday.

Farias carried out the fraudulent investment scheme from 2013 through early 2019, according to records from the federal criminal case and a separate Securities and Exchange Commission lawsuit filed against him last year.

Farias, while owner of Boerne-based Integrity Aviation, told investors in multiple states their money would be spent on aircraft engines and other parts which would then be leased or resold to the major airlines.

Ad

Investors, many of whom were retired first responders, were promised a…

Read full article at www.ksat.com