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Kurt Branham Barton, the founder, president and CEO of Austin-based investment firm Triton Financial, has been convicted of running a ponzi scheme that targeted former professional athletes and cheated over 300 investors out of more than $50 million.
According to the Associated Press, throughout a four year period that ended in December 2009, Barton fraudulently obtained money and repeatedly lied to his investors, including family members, members of his church, business leaders and retired NFL players. Barton was registered with FINRA brokerage firm Veritrust Financial from December 2005 through May 2006. Barton said the firm was using their money for investments in real estate, businesses, and for short-term loans to business owners. Instead, he spent the money on sports cars, fancy clothes, University of Texas luxury suite football tickets, pay off other investors and keep his firm afloat.
Some of his more famous investors include former Hesiman Trophy winners Ty Detmer, Earl Campbell, and Chris Weinke, as well as former quarterback Jeff Blake and place kicker David Akers. Detmer, who considered himself Barton’s best friend, testified that he had lost most of his $2 million life savings since investing with Triton.
Barton was convicted on nearly 39 counts; among them was conspiracy to commit wire fraud, making false statements to secure loans from financial institutions and money laundering, as well as one count of securities fraud, 15 counts of wire fraud, five counts of making a false statement related to the acquisition of loans, and 17 counts of money laundering.
In total, Barton is facing up to life in prison for his fraud.
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