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The Associated Press
AUSTIN, Texas — Former Texas All-American and NFL kicker and punter Russell Erxleben, who previously served a federal prison sentence for securities fraud, was arrested Thursday on new charges of running an illegal Ponzi investment scam that netted more than $2 million.
According to a federal indictment, the 56-year-old Erxleben scammed investors from 2005 to 2009 with fraudulent deals that promoted dealing in post-World War I German government bonds and a work of art purportedly by French painter Paul Gauguin.
According to the indictment, Erxleben used the investments to pay himself and previous investors. Erxleben was indicted on five counts of wire fraud, one count of securities fraud and two counts of money laundering. He faces up to 20 years in prison on each of the wire and securities fraud charges, and up to 10 years on the money laundering charge.
U.S. Magistrate Judge Mark Lane ordered Erxleben held in custody until his next court appearance Jan. 28. Erxleben requested a court-appointed attorney but told the court he may also seek to hire private counsel.
Erxleben was sentenced in 1999 to seven years in federal prison for an investment scam that robbed investors of $36 million. The latest indictment said Erxleben did not disclose that conviction or the fact his still owed $28 million in restitution, to his later investors.
Erxleben still holds the record for the longest field goal in UT history - 67 yards - in 1977, a mark that also stands as an NCAA record Erxleben shares with two others. He was a first-round draft pick by the New Orleans Saints in 1979.
That's who I am... a Sooner.
Specifically, it was an ILLEGAL Ponzi scheme he was charged with.
That's not to be confused with Dallas' First Ponzi National Bank.
Kind of funny how some ut and ta&m fans refer to Sooners as land thieves and yet some of the biggest frauds and deceptions upon their fellow man have been perpetrated by Texans. I guess its just the attitude "everything is bigger and better in Texas". LBJ and all those people who voted for him back in the forties from out of their graves, Billy Sol Estes and the grain elevator frauds, Allen Stanford and his ponzi scheme and Erxleben not once but twice. Pretty amazing stuff.
.......think his son is a punter for tt......pretty embarrassing for him I would imagine
Wonder what degree he received at Texas?
Yes, that is correct. He was the starter this season.
Email: firstname.lastname@example.org. Follow me onTwitter @TylerMccomas247
Or the U.S. government's Ponzi Scheme otherwise known as social security.
“There are two things every man in America thinks he can do: work a BBQ grill and coach college football.” - Greg Schiano
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