An Arlington man has been sentenced to 40 years in state prison after being convicted of several criminal charges related to a scheme to defraud investors in his internet marketing company.
Richard Gregory Tilford is the third person sentenced in the case tied to StaMedia.
Prosecutors say Tilford and two other individuals told investors that they had a patent on technology their firm used and could provide a guaranteed rate of return. However, the company never generated any revenue.
Prosecutors say Tilford and the other co-defendants used the money provided by investors on their personal expenses, not running the company.
One co-defendant, Timothy Lloyd Booth of Plano, was convicted of stealing $23 million dollars and using it to buy luxury automobiles and pay for expensive trips. He was convicted and sentenced to 68 years in prison.
Tilford was sentenced to 40 years in prison for his role in the scheme. He was also convicted of selling unregistered securities and acting as an unregistered dealer. His sentences on those convictions will run concurrently.
Another co-defendant in the case, Bobby Guess, is already serving a 12-year prison sentence.
"Our agency will continue to vigorously pursue justice for white collar crime victims," said Texas Securities Commissioner Travis J. Iles. "We work closely with local prosecutors, assisting their offices to ensure the successful prosecution of perpetrators of complex securities schemes."
The Collin County Attorney's Office handled the case with assistance from the Texas State Securities Board.
LISTEN on the Audacy App
Sign Up and Follow NewsRadio 1080 KRLD
