LUBBOCK, TX (KCBD) - NewsChannel 11 was in court on Thursday when Benny Judah pleaded guilty to money laundering and selling unregistered securities.
Judah was previously accused of defrauding investors of roughly $50 million when regulators filed a civil lawsuit against him earlier this year.
Benny Lee Judah was charged by a criminal information document Tuesday. It alleges that he devised a scheme that swindled investors by promising them 10 percent return on investments in Excel Lease Fund Inc. between October 2005 and April 2009.
In April, the U.S. Securities and Exchange Commission filed a civil fraud complaint against the land and real estate developer. That prompted a judge to freeze Judah's assets and place his business operations in receivership.
Judah agreed to serve up to 25 years in prison; 20 years for money laundering and five years on the other charge. Judah was taken into custody immediately.
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Criminal charges facing Benny Judah