Hugo E. Urrea of Mandeville pled guilty on September 17, 2012 to securities fraud, theft, and money laundering in connection with the fraudulent sale of securities.  Based on an investigation conducted by the Securities Division of the Louisiana Office of Financial Institutions and the Louisiana Attorney General’s Office, Urrea was arrested on August 31, 2011.  Urrea was prosecuted by 22nd Judicial District Attorney Walter P. Reed.  Urrea is a former broker, but has not been registered to do business in Louisiana since 2006.  Urrea admitted to soliciting approximately $419,000 from 23 individuals to either invest the funds or to provide investment advice, but used these funds for his personal benefit and to return funds to other investors.  Urrea was sentenced to 10 years for the securities violations (5 years suspended), 10 years for theft (5 years suspended), and 20 years for money laundering (15 years suspended).  The sentences are to run concurrently.  Urrea was also ordered to pay full restitution to the victims.  If restitution is not made, he will be required to serve out the suspended portions of the sentences.