The former chief executive of a failed oil field services company has pleaded guilty to securities fraud and other charges in a federal case that includes a Texas state senator as a defendant.
Stan Bates, who was CEO of defunct FourWinds Logistics, entered his plea Monday in federal court in San Antonio. He’s scheduled to be sentenced in April and faces decades in prison.
Bates, Democratic state Sen. Carlos Uresti and a third man were arrested in May on a variety of charges related to their work with FourWinds.
The San Antonio Express-News reports that the three are accused of defrauding investors in FourWinds, which bought and sold sand used in fracking to extract oil and gas.
Uresti has pleaded not guilty. His trial is scheduled to begin later this month.