SHERMAN, Texas (AP) — Twin businessmen from the Dallas area face up to five-year prison terms in a more than $2.5 million currency scam promising 200 percent returns over a few months.
Roger Wagner and Rodney Wagner pleaded guilty in Sherman to conspiracy to commit wire fraud. The 52-year-old brothers from Grand Prairie were charged in what prosecutors say was a scheme during 2010.
Investigators say the twins solicited money from investors for foreign currency trading. The Wagner brothers said they had a system that that could generate large returns, as much as 200 percent, over a period of 20 to 40 weeks. Investors instead lost about $2.7 million.
The brothers were indicted in 2015 and pleaded guilty Wednesday.