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Description: San Antonio, Texas criminal defense lawyer represented Defendant charged with first-degree fraud.
Tommie "Tom" Carter, Jr., age 63, was accused for raising more than $1 million from 20 victims, promising them he would use their money "to buy and sell real property and distressed business equipment."
The State of Texas alleged that Carter's business was not making enough money to cover his monthly operating cost and he was using money given to him by "investor" to pay earlier investors, a Ponzi scheme.
Penal Code
Title 7 Offenses Against Property
Chapter 32. Fraud
Subchapter A. General Provisions
Sec. 32.01. DEFINITIONS. In this chapter:
(1) "Financial institution" means a bank, trust company, insurance company, credit union, building and loan association, savings and loan association, investment trust, investment company, or any other organization held out to the public as a place for deposit of funds or medium of savings or collective investment.
(2) "Property" means:
(A) real property;
(B) tangible or intangible personal property including anything severed from land; or
(C) a document, including money, that represents or embodies anything of value.
(3) "Service" includes:
(A) labor and professional service;
(B) telecommunication, public utility, and transportation service;
(C) lodging, restaurant service, and entertainment; and
(D) the supply of a motor vehicle or other property for use.
(4) "Steal" means to acquire property or service by theft.
Sec. 32.02. VALUE. (a) Subject to the additional criteria of Subsections (b) and (c), value under this chapter is:
(1) the fair market value of the property or service at the time and place of the offense; or
(2) if the fair market value of the property cannot be ascertained, the cost of replacing the property within a reasonable time after the offense.
(b) The value of documents, other than those having a readily ascertainable market value, is:
(1) the amount due and collectible at maturity less any part that has been satisfied, if the document constitutes evidence of a debt; or
(2) the greatest amount of economic loss that the owner might reasonably suffer by virtue of loss of the document, if the document is other than evidence of a debt.
(c) If property or service has value that cannot be reasonably ascertained by the criteria set forth in Subsections (a) and (b), the property or service is deemed to have a value of $750 or more but less than $2,500.
(d) If the actor proves by a preponderance of the evidence that he gave consideration for or had a legal interest in the property or service stolen, the amount of the consideration or the value of the interest so proven shall be deducted from the value of the property or service ascertained under Subsection (a), (b), or (c) to determine value for purposes of this chapter.
Sec. 32.03. AGGREGATION OF AMOUNTS INVOLVED IN FRAUD. When amounts are obtained in violation of this chapter pursuant to one scheme or continuing course of conduct, whether from the same or several sources, the conduct may be considered as one offense and the amounts aggregated in determining the grade of offense.
Outcome: Defendant was found guilty.
Plaintiff's Experts:
Defendant's Experts:
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