(STL.News) – A 67-year-old resident of Houston is set to appear in federal court on allegations of mail fraud, announced U.S. Attorney Ryan K. Patrick.
Alan H. Paull is expected to make his initial appearance before U.S. Magistrate Judge Sam Sheldon today at 2:15 p.m.
The indictment, returned Aug. 12, charges Paull with four counts of mail fraud for his alleged role in a scheme to defraud investors in his lending business Paull & Partners Investments LLC. From approximately July 2014 through September 2015, Paull allegedly made false representations and concealed material facts from those who had provided funds to his lending enterprise.
The charges allege he failed to repay investors their principal when a property sold as he had represented to them. Instead, Paull continued to pay monthly interest to those investors leading them to believe the properties had not been sold, according to the charges.
If convicted of mail fraud, Paull faces up to 20 years in federal prison as well as a possible $250,000 maximum fine.
The FBI conducted the investigation with the assistance of the Texas State Securities Board. Assistant U.S. Attorney John Braddock is prosecuting the case.