Judah now facing criminal charges - KCBD NewsChannel 11 Lubbock

11/10/09

Judah now facing criminal charges

Posted:

By James Clark | email

LUBBOCK, TX (KCBD) - The Lubbock businessman who faces a $50 million investor fraud lawsuit now also faces criminal charges.

Up until now businessman Benny Judah only faced a lawsuit by federal regulators but that has changed. Judah is charged with two felonies - money laundering and sale of unregistered securities - that were filed at about 2 p.m. Tuesday.

Court documents do not allege how much money he lost on behalf of 240 investors - mostly from Lubbock - but the criminal charges accuse Judah of losing money and lying about it. The criminal case also accuses him of running a Ponzi scheme - taking money from new investors to pay fictitious dividends to previous investors.

There have been rumors of a plea deal however the new documents do not say anything about a plea bargain.

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Criminal charges facing Benny Judah
Official document stating the criminal charges facing Lubbock businessman Benny Judah. (Note: Document may take a few moments load. You will need Acrobat to open this file.)
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