TYLER, Texas — A Tyler man accused of stealing over $300,000 from five people by forging documents related to their British Petroleum and Exxon stocks has been indicted.
John Russell Hobbs, 63, was indicted on charges of money laundering over $300,000, property theft over $300,000 and forgery using a financial instrument on May 5 in the 114th District Court, according to judicial records.
According to indictments, Hobbs sold BP and Exxon stocks that belonged to five people without their permission for his own benefit from January 2014 to June 2018.
The document related to the money laundering charge states that Hobbs used forgery, theft and securities fraud to acquire the money from the five who had the stocks. It also accuses Hobbs of distributing the funds to himself and two others.
Hobbs' next court hearing is set for Aug. 19.
