Former NFL, Longhorn player Russell Erxleben pleads guilty to fraud charges

[TexasTowelie]

Former football player Russell Erxleben pleaded guilty to wire fraud and money laundering charges on Wednesday in a series of foreign trading scams — including a $2 million Ponzi scheme — that bilked dozens of investors over nearly four years.

Under terms of the agreement, Erxleben will get 90 months in federal prison and will have to pay full restitution, as determined by the court. U.S. District Judge Lee Yeakel accepted the plea and set formal sentencing to Feb. 24. The latest offenses come eight years after he was released from prison on fraud charges in a separate case.

Erxleben was a three-time All-American kicker at the University of Texas in the late 1970s. He was a first-round pick of the New Orleans Saints and played six seasons in the NFL, mostly as a punter. But since the latter part of the 1990s, he has become more famous for his financial and legal troubles.

He pleaded guilty in 1999 to federal conspiracy and securities fraud charges stemming from a foreign currency trading scam in which nearly 500 investors lost more than $30 million. He was sentenced to 10 years in prison then.

More at http://www.statesman.com/news/news/crime-law/former-nfl-player-russell-erxleben-pleads-guilty-t/ncPDm/ .

[hobbit709]

1. He's a slow learner.

and when he gets out he'll be trying to scam again.