Former TCU standout Eldon A. Gresham Jr. pleads guilty to mail fraud

Posted Monday, Jan. 07, 2013  comments  Print Reprints

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A former football standout at Texas Christian University who pleaded guilty to one count of mail fraud faces prison time for apparently bilking investors out of nearly $16 million during a period of more than five years.

Eldon A. Gresham Jr., 67, represented himself in a mail fraud case connected with a foreign currency exchange scheme he operated between January 2004 and June 2009, according to a news release from the U.S. Attorney's Office.

On Thursday, Gresham pleaded guilty and is subject to a maximum 20-year prison sentence, a $250.000 fine and restitution. If the court accepts the terms of a plea agreement, his sentence will be at the low end of the federal sentencing guideline range that will ultimately be determined by the court, the news release said.

The agreement calls for Gresham to pay a $15.8 million judgment to the federal government, the approximate amount he fraudulently obtained from investors.

Gresham targeted at least 90 people from Texas, Georgia, Kentucky, Tennessee and Florida to invest money in his ForEx trading business, which he operated out of Peachtree City, Ga., where he lived. He was arrested in Georgia on Dec. 13 and is in federal custody. A sentencing date has not been set, according to the U.S. Attorney's office.

Gresham specifically targeted Christians to invest in his scheme knowing that many were elderly and vulnerable, the U.S. Attorney's office said. He told investors that he consistently generated large returns by trading in off-exchange foreign currency contracts.

Gresham also told investors that his success in the currency trading business was a blessing and a gift from God and that investors could use the profits from the exchange to further God's works.

Gresham graduated from TCU in 1969 with a bachelor's degree in English and history. He played football for the Horned Frogs beginning in the mid-1960s and won an all-conference selection at the center position in 1967.

This story includes material from the Star-Telegram archives

Mitch Mitchell, 817-390-7752

Twitter: @mitchmitchel3

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