Ken Paxton

Wednesday, June 17, 2009

Statement from Texas Attorney General Spokesman Jerry Strickland

Today, a Blanco County grand jury indicted two defendants on felony charges resulting from the Office of the Attorney General’s investigation into unlawful conduct at the Pedernales Electric Cooperative.

The grand jury charged both defendants with the following three felony charges: misapplication of fiduciary property in excess of $200,000, theft of property in excess of $200,000, and money laundering between $100,000 and $200,000.

Misapplication of fiduciary property in excess of $200,000 and theft of property in excess of $200,000 are both first-degree felonies, which carry punishment of up to 99 years or life in prison and penalties of up to $10,000. Laundering between $100,000 and $200,000 is a second-degree felony, which carries a penalty of up to 20 years in prison and a fine of up to $10,000.

The OAG’s investigation is ongoing and additional information concerning the indictments handed down today will become public once the defendants have been served.