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Trial Begins in Alleged $50 Million Ponzi Scheme Case

Posted on Aug 29, 2011

Earlier this month, the trial of Kurt Barton began in Texas. Mr. Barton is accused of running a Ponzi scheme that cheated investors out of about $50 million. He is charged with various federal crimes including conspiracy, money laundering, and wire fraud.

During the first day of testimony, former Heisman Trophy winners Ty Detmer and Chris Weinke testified. Mr. Detmer testified about how he lost about $2 million due to the actions of Mr. Barton and Triton Financial, the investment firm where Mr. Barton worked.

It is alleged that Mr. Barton and Triton Financial solicited investments in real estate, and that investors were told that each real estate investment would act independently and be purchased outright. It is further alleged that, in reality, the investments were intertwined and funded with loans.

Former NFL players who worked for Triton in recent years raised concerns about the alleged scheme, which is now the subject of this criminal case.

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