Wednesday, September 27, 2023
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Former WexTrust CEO Sentenced to 13 Years

MANHATTAN (CN) - A federal judge on Monday sentenced the former CEO of WexTrust Capital to 13 years and 4 months in prison for a $9 million real-estate securities fraud.

Steven Byers, 48, of Oakbrook, Ill., who pleaded guilty to conspiracy and securities fraud, also was ordered to disgorge $9.2 million and pay $7.7 million in restitution.

U.S. District Judge Denny Chin sentenced Byers to 160 months in prison.

Byers' co-defendant Joseph Shereshevsky pleaded guilty to similar charges in February and will be sentenced on May 13.

"Steven Byers used smoke and mirrors to defraud his investors out of millions of dollars," U.S. Attorney Preet Bharara said in a statement announcing the sentencing. "But his scheme was ultimately exposed for the sham that it was, and now he will be punished severely for his crimes."

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