A Texas man was sentenced to prison for running a $3.1 million Ponzi scheme that promised investors profits from promoting NBA preseason games.

A Texas man was sentenced to prison for running a $3.1 million Ponzi scheme that promised investors profits from promoting NBA preseason games. File Photo by Bonnie Cash/UPI UPI

Oct. 24 (UPI) -- A Texas man was sentenced Friday to more than four years in prison for running a $3.1 million Ponzi scheme that promised investors profits from promoting NBA preseason games.

Timothy France Johnson, 63 of El Paso, was sentenced to 51 months in federal prison and ordered to pay a $3.1 million money judgment.

According to prosecutors, Johnson spent 11 years convincing investors to give him money that he claimed would be used to promote NBA preseason basketball games.

He then used the money to pay earlier investors and cover personal expenses.

To keep the scheme going, he created fake contracts and financial statements and promised investors "zero-risk" returns.

Prosecutors said Johnson collected more than $3 million from investors, some of whom gave him hundreds of thousands of dollars.

"Johnson carried out his Ponzi scheme for over a decade, all to cultivate an image of success and importance that was a complete façade," U.S. Attorney Justin Simmons said in a statement.

Johnson was charged in April 2024 with seven counts of wire fraud and three counts related to financial transactions involving illegally obtained money.

He pleaded guilty to the seven wire fraud charges in March.