Texas real estate developer Nate Paul entered a guilty plea to one charge of making false statements to a lending institution, thus ending the 18-month federal bank and wire fraud case connected to his work as related to his work as president and CEO of World Class Capital Group.
KXAN reports the case is being sent to the US Probation Office for a pre-sentencing evaluation. Prosecutors recommended that Paul receive a prison sentence of no more than six months, with five years of supervised release and a maximum fine of $1 million. If the plea deal is accepted, the remaining 11 counts against Paul will be dismissed.
Paul’s case was slated to begin as jury trial on Feb. 18. He will be allowed to remain out of custody until his plea deal is accepted.
Paul was initially indicted in June 2023 on eight counts of bank fraud and was accused of making false statements to lenders, which resulted in his obtaining more than $172 million in loans. In November 2023, four additional wire fraud charges were added to his indictment. in a superseding indictment.
Paul has been under federal investigation since 2019 when FBI agents searched his home and offices in Austin. The following year, eight members of Texas Attorney General Ken Paxton’s office approached the FBI with allegations that Paxton abused his authority to help Paul in his dealings with federal investigators. Paxton was impeached over that allegation but was acquitted in a State Senate trial in 2023.
Photo courtesy of World Class Capital Group
