Albuquerque, NMA former insurance agent from New Mexico's capital who reportedly promised to pay back his investors by winning poker tournaments has been sentenced to 12 years in prison for committing securities fraud.
The Associated Press reports that State District Judge Ross Sanchez also sentenced Samuel McMaster Jr. to supervised probation for five years after his release and said he must pay full restitution to the investors he victimized in the scheme.
Last year, McMaster pleaded guilty to 26 felony charges, including the sale of a security by an unlicensed broker-dealer and securities fraud, the news source said. In total, prosecutors claim he stole more than $450,000 from 23 investors over a number of years.
According to the news source, McMaster was initially kept out of jail because he promised to pay back his victims by winning poker tournaments.
The superintendent of the New Mexico Regulation and Licensing Department told the news source that the sentencing was a long time coming.
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