Judge sentences Clayton Iley to 13 years in federal prison; orders $6.7 million in restitution.
A disgraced former Stephenville businessman learned his fate today.
Clayton Iley, former owner of Texas Legacy Insurance Group, pleaded guilty to federal wire fraud and identity theft and was sentenced to a little more than 13 years in prison by U.S. District Judge Mark Pittman.
Iley faced a maximum penalty of up to 20 years in federal prison for the wire fraud offense and a mandatory sentence of two years in prison for aggravated identity theft.
He was sentenced to 136 months for count one and 24 months for count two (set to run consecutively) for a total of 160 months.
He was also ordered to pay $6,715,132.90 in restitution to his victims.
Once Iley gets out of prison, he will be on supervised release for two years.
Iley was arrested on April 24 in Stephenville and originally charged by the state with theft over $300,000, and money laundering, over $300,000, both first degree felonies.
Read the original report here.
Iley pleaded guilty to a scheme where he illegally obtained credit cards and offered a scam loan program to victims.
“My office will not stand by and allow criminals to scam Americans out of their hard-earned money without consequence,” U.S. Attorney Ryan Raybould stated in a press release
“Fraud doesn’t just harm an individual — it disrupts families and communities across all 100 counties of the Northern District of Texas.
"Its effects are felt most deeply by those who are vulnerable, including elderly residents who are too often targeted by schemes designed to exploit their trust.
"Protecting every community in this district is my unwavering commitment, and we will aggressively pursue anyone who preys on the innocent and work to ensure victims receive the justice and restitution they deserve.”
Court documents show from January 2020 through May 2026, Iley used at least two entities he controlled, Texas Legacy Holdings and Enterprises, LLC and Spartan Global Security, LLC dba as “Black Eagle PMC,” to conduct financial transactions.
Texas Legacy Holdings operated as a holding company and was used to conduct financial transactions.
Spartan Global purported to offer private security services, commercial security services, corporate security services, and private military contracting services.
Click here to see the story on Iley’s plea deal and here to see the story on how he used social media to spread false claims.
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