Texas oilman scammed investors to buy San Antonio Spurs tickets, Lamborghini, feds say
A former Texas oil company CEO accused of scamming investors then using the funds on pricey NBA tickets and expensive cars is going to prison, federal prosecutors say.
Brian Alfaro, who owned Primera Energy in San Antonio, was sentenced to 10 years in prison after a federal jury convicted him of mail fraud, according to the U.S. Attorney for the Western District of Texas. Investors paid Alfaro to fund prospective oil and gas projects, but he used the money to support his “extravagant lifestyle,” prosecutors say.
Alfaro’s purchases included VIP season tickets for the San Antonio Spurs that cost $100,000; a Lamborghini, Mercedes Benz and Porsche; and a “high-end” Rolex watch, prosecutors say.
“Today’s 10-year prison sentence guarantees that Mr. Alfaro will not be driving his Lamborghini to his $100,000 VIP seats at the AT&T Center. Instead, he must work to pay back almost $10 million to the victims of his criminal scheme, while serving time in prison,” U.S. Attorney Gregg Sofer said in a news release.
Alfaro was fined $9,922,42 in addition to the prison sentence.
Prosecutors say many of the victims in the scheme were retired or close to retirement, and the investment wiped out their savings.
“Alfaro convinced his victims to invest their hard earned money in profitable oil and gas ventures, but he stole their money and used it to finance an extravagant lifestyle,” FBI Special Agent in Charge Christopher Combs said. “While some of his victims were wealthy investors, others trusted Alfaro with their entire life savings and will likely struggle financially for the rest of their lives.”
Alfaro’s attorney Michael McCrum told the San Antonio Business Journal he might appeal the judge’s sentence and questioned whether his client actually benefited millions of dollars in the case.
“In my experience, when there is an exaggerated narrative, a court case takes on a life of its own and it is almost impossible to correct the false narrative,” McCrum told the San Antonio Business Journal.
This story was originally published November 11, 2020 at 5:17 PM with the headline "Texas oilman scammed investors to buy San Antonio Spurs tickets, Lamborghini, feds say."