Even Pros Get Scammed

To some, professional athletes are invincible. But even they can fall victim to a fraudulent investment scheme.

Last month, a jury found Kurt Barton guilty of ripping off several investors, including former Heisman trophy winners Ty Detmer, Earl Campbell and Chris Weinke, in a multimillion-dollar Ponzi scheme orchestrated by Barton.

During the execution of Barton’s Ponzi scheme, Barton was the CEO of Austin, Texas-based Triton Financial. According to the criminal indictment, Barton’s scheme began in 2005 and continued until sometime in 2009. During that time, Barton cheated hundreds of people nationwide out of more than $50 million.

Austin Jury Finds Barton Guilty on Money Laundering, Wire Fraud Charges

The jury found Barton guilty of more than 30 counts including money laundering, conspiracy to commit wire fraud, wire fraud and making false statements.

During the criminal trial, Detmer offered tearful testimony about losing almost $2 million in savings in Barton’s scheme. Detmer and his family moved to Austin, Texas, in 2000, where he met Barton through a church they both attended. Barton convinced Detmer to give him most of his life savings, in return for which, Barton promised Detmer a quick return on his investment.

According to the Austin American-Statesman, because of Barton’s investment fraud, Detmer was forced to cash out his children’s college savings plans and sell his home just to keep afloat.

Detmer’s experience is reflective of many people who fall victim to investment fraud. It can be difficult for the victims and can cost them their life savings. If you feel like you are the victim of investment fraud or know someone who might be a victim, an experienced business attorney can help.