AUSTIN (CN) - Former NFL kicker Russell Erxleben admitted his role in a $2 million Ponzi scheme involving phony investments in fine art and post-World War I German bonds.
Erxleben, 56, of Dripping Springs, pleaded guilty Wednesday to wire fraud and money laundering. He agreed to serve 7½ years in federal prison and pay restitution, the U.S. Attorney's Office said.
From 2005 to 2009, Erxleben used several companies to market investments in phony post-World War I German government gold-bearer bonds and in phony Gauguin paintings. The companies he used include WALTEC Consultants, LRE Holdings, and The MDM Group, prosecutors said.
Erxleben admitted he used his ill-gotten swag to pay himself, his family and to pay off early investors - one hallmark of a Ponzi scheme.
Erxleben, a place kicker and punter, was a three-time All-American at the University of Texas at Austin, from 1976 to 1978. He set the record for the longest field goal in NCAA history in 1977, a 67-yarder against Rice University.
The New Orleans Saints picked him in the first round of the 1979 NFL Draft - a rarity for kickers. An investor sued Erxleben in Travis County Court in October 2012, claiming he lost $60,000 in the Ponzi scheme.
Erxleben is in custody awaiting sentencing, which is set for Feb. 24, 2014.
Follow @davejourno
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.
Additional Reads
-
Alaska, Hawaiian Airlines April 17, 2024 -
-
Contributor-Test-Post-2024-04-12 April 12, 2024 -
