A San Antonio man who admitted to scamming investors out of more than $600,000 received an 18-month federal prison sentence Tuesday.
Edward C. Wagner, 60, also must serve three years of supervised release and pay just under $77,000 in restitution to victims.
Wagner reached a plea deal with federal prosecutors in October, admitting to one count of wire fraud in connection with the investment scheme and one count of tax evasion. He must pay almost $1.1 million in taxes and penalties to the Internal Revenue Service, or any lesser amount he and the agency agree to, U.S. District Judge Xavier Rodriguez said in delivering the sentence.
A federal grand jury had indicted Wagner almost three years ago on 11 counts of wire fraud, six counts of tax evasion and two counts of money laundering. All but two of the counts were dropped under the plea agreement.
Wagner raised money from investors by promoting pharmaceutical-related companies — Pharmacogenetics, EcoChem, Leaf24 and Nutrecs.
He presented the companies as actual operating businesses, but he never took “the necessary steps to get any of the ventures off the ground,” the plea agreement stated. They never engaged in any significant business operations and they didn’t have any physical locations other than Wagner’s…
