As recently reported in the Austin American Statesman, an Austin federal magistrate judge today ruled that former Triton Financial chief executive Kurt Barton, who once flew in private planes and watched University of Texas football games from a luxury box, qualifies for a court-appointed lawyer, federal prosecutor Mark Lane said.

The former CEO is accused in a 38 county indictment of employing Heisman trophy-winning atheletes to sell interests in deals regulators which have been characterized as investment schemes.

At a recent hearing in U.S. District Court in Austin Barton took the stand and explained to U.S. Magistrate Judge Andy Austin his dour financial situation, Lane said. Lane said he told Austin that investigators do not believe that Barton has a stash of money hidden somewhere. The most serious charges against Barton — conspiracy to commit wire fraud and making a false statement related to a loan — are punishable by a maximum of 30 years in prison.

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