A Montgomery County jury has sentenced Ruben Vargas, 46, of Kingwood, TX, to 60
years in prison and a $10,000 fine for first-degree felony Securities Fraud and first-degree felony Theft. The verdict was handed down on February 26, 2025, following a
trial that exposed Vargas’ elaborate investment fraud scheme. Vargas was charged in 2023 for defrauding victims between 2021 and 2022. During the trial, jurors heard testimony from multiple victims, most of whom were middle- and working-class individuals with little to no investment experience. Vargas portrayed himself as a highly successful broker, falsely promising to multiply their investments with no risk. Witnesses described how he manipulated their trust, presenting himself as a charismatic, knowledgeable, and wealthy businessman who guaranteed he would cover any losses. Several victims also testified that Vargas exploited their Christian faith to deceive them further. In total, 14 victims testified that Vargas—who has never been a licensed investment adviser—stole approximately $690,000 and failed to return any money. Financial Analyst Elliot Blott of the District Attorney’s Office testified that victim investments, which ranged from $1,000 to $400,000, were never actually invested. Instead, Vargas used the funds to purchase a Maserati sedan, two trucks, $24,000 in furniture, a home, and to pay off other investors. The jury also heard that Vargas’ victims included his ex-wife, whom he assaulted while she was pregnant, and his daughter, from whom he stole both her quinceañera money and an insurance settlement. The case was investigated by the Montgomery County Sheriff’s Office and the District Attorney’s Financial Crimes Unit. Assistant District Attorneys Jamie Sulla and Taylor Vanegas prosecuted the case. The Honorable Judge Lisa Michalk ordered that Vargas pay restitution if he is ever released on parole and that his prison commissary account be garnished for as long as he remains incarcerated.
“Several victims also testified that Vargas exploited their Christian faith to deceive them further.”
I’m a Christian but I believe it is wrong to solicit business using your faith. Not always, of course, but quite often those doing so are the biggest crooks around and I learned a long time ago that whenever somebody makes it a point they’re a Christian I steer clear of doing business with them. I’m not saying it’s wrong to let somebody know your faith in the course of conversation but not as a reason for doing business.