Paxton wants to explain, so hear him out

Texas Attorney General Ken Paxton’s lawyer says he will plead not guilty to charges in three indictments against him unsealed on Monday, two of which allege first-degree securities fraud punishable with sentences of five to 99 years in prison.

“He is looking forward to the opportunity to tell his side of the story in the courtroom,” Dallas attorney Joe Kendall said after Paxton, 52, turned himself in to Collin County authorities and was released on personal recognizance bond.

Everyone in Texas should be looking forward to hearing Paxton tell his side.

Leaks and allegations about his activities as an investment adviser have been swirling since well before he was elected attorney general in November.

For the state’s top lawyer to have such serious charges hanging over his head is unseemly to say the least, so the sooner Paxton goes to trial the better.

“Everyone is entitled to due process under the law,” said Gov. Greg Abbott said Monday.

Lt. Gov. Dan Patrick said he is “confident our judicial system will weigh all the facts and applicable law with a blind eye for justice and Ken Paxton, like anyone else, will be afforded his day in court.”

The Republican Party of Texas described the buildup toward the indictments as a “sloppy process” and said Paxton “deserves to have his say in a court of law, rather than be judged in a court of public opinion that is presided over by liberal interest groups.”

That’s all true. Moreover, Texans deserve facts about what Paxton is alleged to have done and information from him in his defense.

The first indictment is a lower-level offense, similar to what Paxton agreed to last year when he paid a $1,000 civil penalty for acting as an investment adviser without registering with the state.

The two first-degree fraud indictments are far more serious because of the amount of money involved. One was notable because of the complainant involved, state Rep. Byron Cook, R-Corsicana, who is chairman of the House State Affairs Committee.

The other complainant is Florida businessman Joel Hochberg.

The indictments say Paxton sold Cook and Hochberg common stock in amounts of $100,000 or more each in Servergy, a technology company based in Paxton’s home town of McKinney.

Paxton is accused of “intentionally failing to disclose” that he had not invested in Servergy himself, but in fact had been given compensation in the form of 100,000 shares of Servergy stock.

Democrats have called for Paxton to resign. That would be wrong.

He should go to trial and tell his side of the story.

This story was originally published August 3, 2015 at 6:02 PM with the headline "Paxton wants to explain, so hear him out."