Conman from Montgomery County receives 60-year prison sentence
5,000 in 5 months,” said Saintes. “I gave him about $6,000-7,000, which at that time, I had in bitcoin,” said Ponza. Instead of delivering on his promises, Vargas used the funds for personal gain, including purchasing a Maserati sedan, two trucks, $24,000 in furniture, a home, and paying off other investors. Shockingly, Vargas also victimized his ex-wife, whom he assaulted while she was pregnant, and his daughter, from whom he stole her quinceañera money and an insurance settlement.
Two victims of Vargas spoke out and shared their experiences with FOX 26 Houston. Bryan Saintes described how Vargas failed to fulfill his promise of a $25,000 return, offering only $10,000 due to market fluctuations. Hugo Ponza recounted how he realized all his invested money was gone when he needed to withdraw part of it a year later. Disheartened by their losses, both victims cautioned against trusting Ruben Vargas in the future.
The case against Vargas highlighted his deceitful tactics in defrauding unsuspecting victims. Despite lacking a license as an investment adviser, Vargas successfully convinced individuals to hand over their hard-earned money based on false assurances of lucrative returns and risk-free investments. By leveraging his charm, apparent wealth, and exploitation of Christian beliefs, Vargas manipulated victims into trusting him with their financial well-being.
Ultimately, the Montgomery County jury held Vargas accountable for his crimes, resulting in a 60-year prison sentence and a substantial fine. The legal system recognized the severity of Vargas’s actions, which had a devastating impact on over a dozen victims who fell prey to his fraudulent schemes. Through this sentencing, justice was served for those who suffered at the hands of a manipulative conman like Ruben Vargas.
The aftermath of Vargas’s trial serves as a cautionary tale, warning individuals to exercise vigilance and due diligence when considering investments or financial opportunities. It underscores the importance of verifying the credentials and legitimacy of individuals offering financial services, especially in a market where fraudulent actors like Vargas can easily exploit trust for personal gain. By learning from the lessons of Vargas’s case, people can protect themselves from falling victim to similar scams and fraud in the future.
