DALLAS (AP) – Prosecutors say a North Texas man faces decades in prison over investment fraud that targeted senior citizens.
A federal jury in Dallas on Wednesday convicted Dennis Woods Bowden of Farmers Branch of four counts of securities fraud and five counts of mail fraud.
Bowden was CEO of now-defunct AmeriFirst Funding Corp. and AmeriFirst Acceptance Corp.
Bowden faces a maximum 20 years in prison per count. He’s in custody until sentencing in April.
Jeffrey Charles Bruteyn of Dallas was convicted last year of nine counts of securities fraud. He’s serving 25 years in prison.
Investigators say Bowden and Bruteyn raised more than $50 million from investors in Texas and Florida but misled customers, mainly retirees, about returns.
Officials say Bowden wrongly spent investment money on an airplane, sports cars and property.
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