HOUSTON (March 15, 2014) Samuel Ray Palasota, 53, of Houston, who portrayed himself as a pastor running a religious-themed investment program has been sentenced to nearly six years in prison for fraud.
A federal judge in Houston on Friday sentenced Palasota in what prosecutors call a $1 million Ponzi scheme.
In October 2013, a jury convicted Palasota of 24 counts of mail and wire fraud.
Investigators say the real estate scam that Palasota called "The Maker's Resources" initially cost a Mississippi woman at least $650,000.
Authorities say Palasota then enticed the woman into selling her home and giving him those funds, too.
Authorities say Palasota used the woman's money to buy himself luxury cars, clothing and jewelry.
Further details on the victim, in the fraud since 2009, weren't immediately released.