Former Congressman TJ Cox has pleaded guilty to wire fraud, facing significant penalties including up to 50 years in prison and rescinded other charges under a plea deal. The charges stem from allegations of misappropriating over $1.7 million in funds and creating fraudulent documentation to secure loans for a sports complex. His attorney noted Cox's previously good standing in the community, stating that he made poor decisions during a difficult business period. A sentencing hearing will determine his fate on June 2, including restitution obligations of $3.5 million.
Cox faces 20 years in prison and a $250,000 fine for one count and 30 years and a $1 million fine for the other.
Prosecutors said Cox stole more than $1.7 million in diverted client payments and company loans and investments.
Cox could also be given probation with no jail time, but the punishment is set to be determined by a judge in a June 2 hearing.
Under the plea deal, Cox agrees to pay $3.5 million in restitution and will be required to provide records of his financial standings.
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