Estes Sentenced To 15 Years For Swindling

Press, Volume CII, Issue 30108, 17 April 1963, Page 8

Estes Sentenced To 15 Years For Swindling

(N.Z.P. A.-Reuter—Copyright)

EL PASO (Texas), April 15. The one-time millionaire financier, Billie Sol Estes, called by a Federal Judge the “perpetrator of one of the most gigantic swindles in the nation's history,” was sentenced today to 15 years In prison for mail fraud and conspiracy, the Associated Press reported. Sentencing Estes, United States District Judge R. E. Thomason castigated him for his part in arranging with farmers for mortgages on non-existing fertiliser tanks involving 24,000,000 dollars and then selling them to finance companies.

“The record shows,’’ Judge Thomason said, "that you were the author and perpetrator of one of the most gigantic swindles in the history of our country.

“Many Victims” "Your actions in this case have passed a cloud upon segments of our business world and upon the many victims of the scheme you successfully carried out for monetary gain.” Estes, who is 38, heard the ruling without a show of emotion. He stood before the Bench wearing a black suit, black tie and white shirt. The stock promoter, a lay preacher in the Church of Christ, already is under an eight-year prison sentence on State charges and faces three more trials.

He was allowed to go free on 100,000 dollars’ bail pending appeal. Before the sentencing, Estes, who did not take the

stand during his trial, spoke up briefly.

He said he had never been part of any conspiracy and never intended to defraud anyone.

The defence lawyer, Mr John Cofer, made a dramatic appeal on behalf of his client. Worth 18m Dollars

“Estes is a young man still in his thirties, who was worth 18,000,000 dollars at the time the first notes were signed, and now does not have a dime Left —nothing but his home.” The lawyer said Estes had never done anything wrong before.

“He owes no apologies to the note signers and finance companies who all expected to make large sums of money from their dealings with him.”

A Federal jury on March 28 found Estes guilty on five of 14 counts of fraud and conspiracy.