Support Local Journalism, Join the SA Current Press Club.

State Sen. Carlos Uresti Got 11 Felony Convictions for a Ponzi Scheme. The Texas Ethics Commission Added a $500 Fine. 

State Sen. Carlos Uresti leaves San Antonio's federal courthouse, followed by attorney Mkal Watts, after his May indictment. - ALEX ZIELINSKI
  • Alex Zielinski
  • State Sen. Carlos Uresti leaves San Antonio's federal courthouse, followed by attorney Mkal Watts, after his May indictment.
This story was originally published by The Texas Tribune.

On the heels of 11 felony convictions, bipartisan calls for his resignation, an intra-party challenger for his next election campaign and his wife of six years filing for divorce, state Sen. Carlos Uresti on Friday got insult added to injury with a $500 fine from the Texas Ethics Commission.



The commission fined the San Antonio Democrat for failing to properly disclose on his personal financial statement income related to FourWinds Logistics, the Ponzi scheme that got him into legal trouble last year. The fine comes less than a month after he was found guilty on all counts of fraud and money laundering.

Uresti served as general counsel for FourWinds — a now-bankrupt oilfield services company — and owned 1 percent of the company. He also earned commission for recruiting investors, according to court documents.

Of the three violations it investigated, the Ethics Commission found credible evidence of only one violation: that Uresti failed to properly report a $40,000 promissory note from FourWinds to Uresti’s law firm. That promissory note featured prominently in last month’s criminal fraud trial.

Uresti faces sentencing for his FourWinds-related convictions in June. And he’s set for trial in federal court in May on unrelated bribery charges.

Support Local Journalism.
Join the San Antonio Current Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.

Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.

Join the San Antonio Press Club for as little as $5 a month.

Read the Digital Print Issue

November 17, 2021

View more issues

Newsletters

Join SA Current Newsletters

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Calendar

© 2021 San Antonio Current

Website powered by Foundation