El Paso duo sentenced to federal prison for an estimated $2 million Ponzi scheme

EL PASO, Texas – Two local men were sentenced Thursday to federal prison terms and ordered to pay more than $2 million in restitution to their victims for carrying out an extensive Ponzi scheme.

U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) special agents investigated the case.

Clarence Counterman, 59, owner of an income tax return preparation business known as Taxrite, was sentenced to 12 years in federal prison followed by three years of supervised release.

Counterman’s co-defendant, Robert Loya, 52, was sentenced to 10 years in federal prison followed by five years of supervised release. Both defendants, who had previously been out on bond, were remanded into U.S. Marshals Service custody.

On Nov. 2, 2016, jurors convicted the pair of conspiracy to commit wire fraud. Jurors also convicted Counterman and Loya of 14 and 13 substantive wire fraud counts, respectively. Jurors acquitted Loya of two substantive wire fraud charges and Counterman of one substantive wire fraud charge.

Evidence presented during trial revealed that from December 2008 to October 2013, the defendants conspired to convince others, including Counterman’s tax preparation clients, into investing into their solar energy-related companies, including Renewable Energy Consultant, Inc. (Nevada); EP Solar Technologies, Inc. (Nevada); LITTCE, Inc. (Texas); and, Eco Global Corporation (Texas) by promising high rates of return. Contrary to the agreements with the victim investors, a significant amount of money was converted for personal use by Counterman, Loya and a third defendant -  Leopoldo Parra, 54, of El Paso.

The defendants paid some returns to earlier investors from money paid by newer investors to try to avoid detection of their scheme, and to lull investors into a false sense of security. More than 50 investors lost more than a combined $2.1 million as a result of the defendants’ fraudulent scheme.

On Nov. 30, 2016, Parra was sentenced to 30 months in federal prison followed by three years of supervised release. He was also ordered to pay $486,695 restitution. On Aug. 10, 2016, Parra pleaded guilty to the conspiracy charge and one substantive wire fraud charge.