Tyler man accused of pocketing over $300K in investments
TYLER, Texas (KLTV) - A grand jury has indicted a Tyler man accused of stealing over $300,000 from five people.
John Russell Hobbs, 62, is charged with forgery of a financial instrument, money laundering and theft. He was arrested on Monday and posted a $90,000 bond.
According to the text of the indictment, Hobbs sold BP and Exxon stock which belonged to five separate people in an attempt to obtain the funds. The money laundering indictment states Hobbs did so in order to distribute the money between he and two other people.
Hobbs is scheduled to appear in court on Aug. 19.
The indictment does not give information on Hobbs’ relationship, if any, to the victims.
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