LUBBOCK, Texas (AP) - A Lubbock businessman has been sentenced to 25 years in federal prison for a defrauding at least 250
investors of nearly $60 million.
Benny Lee Judah was sentenced in Lubbock on Friday. He had
pleaded guilty Nov. 12 to one count each of money laundering and
sale and delivery after sale of unregistered securities.
Aside from the maximum allowed prison sentence, U.S. District
Judge Sam Cummings ordered the 50-year-old accountant to pay almost
$60 million in restitution.
Judah owned restaurants and developed land and real estate. A
criminal information document accused him of devising a scheme that
swindled investors by promising 10 percent returns on investments
in Excel Lease Fund Inc. between October 2005 and April 2009.