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.
©2009 KCBD NewsChannel 11. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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.)