Texas Jet-Engine Leasing Firm Owner Charged With Ponzi Fraud (1)

A former Texas bond salesman who started a jet-engine leasing company was charged with running a Ponzi scheme that defrauded investors of more than $7 million.

Victor Farias used his company Integrity Aviation & Leasing LLC to solicit money from investors promising to use the funds to purchase engines and other aircraft parts for leasing to major airlines, according to a charging document filed last month but unsealed Dec. 14 in federal court in San Antonio, Texas.

Federal prosecutors say the company ultimately purchased one engine and sold it shortly after, generating little or no profit for investors. Farias instead ...