A
ustin developer Nate Paul has admitted to making false statements to lenders, securing over $172 million in loans. He pleaded guilty to one federal charge of bank fraud, a case that had been ongoing for 18 months and could have resulted in decades-long prison sentences. The plea deal caps his sentence at six months, with the remaining 11 counts dismissed.

    Paul's real estate empire, once valued at $1 billion, has crumbled since an FBI raid on his home and business headquarters in 2019. His companies have filed for bankruptcy, and he was recently ordered to serve a 10-day jail sentence for contempt of court related to perjury and violating an injunction in a civil lawsuit.

    The case against Paul is linked to allegations of abuse of office against Texas Attorney General Ken Paxton, who was acquitted on all counts after being impeached. Federal prosecutors had recommended six months in prison, five years of supervised release, and a $1 million fine for Paul. His sentence date has not been set.