AUSTIN, Texas — Nate Paul, a real estate developer and associate of Attorney General Ken Paxton, is now facing four new federal charges related to alleged wire fraud.
According to the U.S. Department of Justice (DOJ), federal prosecutors have presented a superseding indictment in Austin, charging 36-year-old Paul with the four new counts.
The DOJ said according to court documents, Paul allegedly conspired to obtain money from limited partners by falsely representing that he would isolate the partnerships assets to be used only for the benefit of the partnership. The superseding indictment alleges that Paul's "scheme" allowed unrestricted use of limited partnership funds.
These new counts are in addition to the initial eight counts of false statements to lenders that Paul was charged on in June. The new charges are one count of conspiracy to commit wire fraud and three counts of wire fraud, and they carry penalties of up to 20 years in prison and fines of $250,000 per count.
The DOJ said each of the eight counts in Paul's initial June 6 indictment carries a maximum penalty of up to 30 years in prison with a fine of $1 million. Paul entered a not guilty plea to those charges in late June.
A federal district court judge will determine any sentence for Paul after considering the U.S. Sentencing Guidelines and other statutory factors, according to the DOJ. Paul's trial is set to begin on July 20, 2024.
The FBI and State Securities Board are investigating this case