TYLER, Texas — A Tyler man was sentenced to 10 years in prison Friday for stealing over $300,000 from five people by forging documents related to their stocks.
Jurors found John Russell Hobbs guilty of money laundering over $300,000, property theft over $300,000 and forgery following a trial in the 114th District Court this week, according to judicial records.
Hobbs was later sentenced to 10 years in prison for each charge. The sentences will be served at this time, records show.
Court documents said Hobbs sold BP and Exxon stocks that belonged to five people without their permission for his own benefit from January 2014 to June 2018. Hobbs used forgery, theft and securities fraud to acquire the money from the five who had the stocks. Hobbs then distributed the funds to himself and two others.