Texas attorney general reaches deal to dismiss securities fraud charges

Prosecutors on Tuesday announced an agreement with the Texas attorney general, Ken Paxton, that would ultimately dismiss securities fraud charges he has been facing for nearly a decade.

Under the 18-month, pre-trial agreement, the special prosecutors in the case would drop three felony counts against Paxton. As part of the deal, Paxton must pay full restitution to victims – roughly $300,000 – and must also complete 100 hours of community service as well as 15 hours of legal ethics education.

The resolution lets Paxton avoid a trial, which had been set to begin in less than three weeks on 15 April. Paxton was first indicted in 2015 after being accused of duping investors in a tech startup near Dallas before he was elected attorney general.

If he had been convicted at trial, Paxton could have been sentenced to life in prison.

The agreement with prosecutors, which lets Paxton remain in his elected position and doesn’t affect his law license, is another huge legal and political victory for one of the nation’s most visible Republican state attorneys general. The end of the case comes six months after Paxton was acquitted of corruption charges in an impeachment trial in the Texas senate.

The resolution of the securities fraud case furthers a dramatic reversal of political fortune for Paxton, who just a year ago appeared imperiled by both the criminal case and the threat of being removed from office after his top aides reported him to the FBI.

But Paxton has emerged emboldened. He waged war against dozens of Republican lawmakers who were part of the 2023 effort to impeach him, with his biggest target being state house speaker, Dade Phelan, who was forced into a 28 May runoff. Paxton’s revenge campaign also included helping defeat