Former TCU football player Eldon Gresham Jr. pleaded guilty in a Dallas courtroom to a single count of mail fraud Thursday after swindling investors out of nearly $16 million.
Gresham, 67, faces a maximum of 20 years in prison, a quarter-million dollar fine, and $15.9 million in restitution. According to court documents, he targeted at least 90 individuals from Texas, Georgia, Kentucky, Tennessee and Florida to invest in his ForEx trading business.
A sentencing date has not been set, but Gresham, who was arrested on Dec. 13 in Georgia, is in federal custody, according to the U.S. Attorney's office.
The Gresham Company – which Gresham operated out of Peachtree, Ga., where he lived – specifically targeted Christians whom were vulnerable and elderly, according to the U.S. Attorney's office. Gresham took advantage of investor's religious beliefs to sway them to invest with him, saying that his success was a blessing from God and they could use the profits to further God's works.
In an interview with the Star-Telegram, Gresham said, "I awakened from a bad dream. I just didn’t fully realize what had taken place, and I kept thinking it's going to come back around. I thought I was going to make up all the losses."
A TCU alumnus, Gresham graduated in 1969 with a bachelor's degree in English and history, according to the TCU Registrar's office.