Posted: Jan 24, 2013 7:53 PM
Source: Associated Press
AUSTIN, Texas - Federal authorities say a former Saints first round pick, kicker Russell Erxleben, has been arrested and charged with running an illegal investment scheme that raised more than $2 million.
Erxleben's arrest was announced Thursday by the U.S. Attorney's office in Austin. Erxleben is to appear before a federal magistrate judge Thursday afternoon.
The 56-year-old Erxleben faces several counts of wire fraud, securities fraud and money laundering from 2005 to 2009. According to the indictment, Erxleben lured investors into fraudulent ventures dealing in post-WW I German government bonds and the paintings of French artist Paul Gauguin.
Erxleben was sentenced in 1999 to federal prison for running an investment scam that robbed investors of $36 million.
He holds the record for the longest field goal in University of Texas history - 67 yards - in 1977.