North Texan gets prison sentence in currency scam, must repay $2.8M

(AP Photo/Emrah Gurel)

SHERMAN, Texas (AP) — A North Texas man has been sentenced to 17½ years in prison and must repay $2.8 million in a foreign currency investment scheme.

Frank Edwin Pate was sentenced Wednesday in federal court in Sherman.

The 47-year-old Pate, who lived in Bonham, was convicted in May on mail fraud and wire fraud counts.

Prosecutors say Pate scammed seven people who thought their investments would be used for trading foreign currency. Investigators say Pate, who was indicted last year, spent most of the $3.4 million invested with him for personal expenses.

Bonham is 60 miles northeast of Dallas.

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