Texas businessman sentenced to 13 years as feds seize Lamborghinis, Ferraris

A Stephenville businessman’s fraudulent scheme has landed him behind bars for more than a decade and cost him more than 90 collector vehicles which will be sold to repay victims.

The 41-year-old Stephenville man, Texas, man was sentenced to over 13 years in federal prison for wire fraud and aggravated identity theft, the U.S. Attorney’s Office for the Northern District of Texas said.

The prosecutors said he paid for more than 90 luxury and collector vehicles with money from his fraudulent scheme.

“Clayton Iley’s conduct caused real financial and emotional harm to the victims he targeted, many of whom trusted him with their personal information and hard-earned money,” said U.S. Attorney Ryan Raybould.

Why did Texas businessman get 13 years in prison?

Clayton Luoyd Iley, 41, operated an insurance brokerage business called Clayton Texas Legacy Insurance Group, LLC.

According to DOJ prosecutors, Iley lured multiple victims into a fraudulent loan scheme by claiming he could invest their funds in a program he knew did not exit.

He pooled over $2 million from this fraudulent scheme and utilise the funds to execute the other parts of his scheme, the DOJ said.

Iley also told clients he would initiate insurance policies on their behalf, but instead collected their insurance premium payments for himself.

He would also target victims by fraudulently opening credit cards in their names, the DOJ stated in its press release issued on October 2.

Investigators said Iley used two entities he controlled, Texas Legacy Holdings and Spartan Global, to carry out financial transactions between the period from January 2020 to May 2026.

The brokerage Iley ran used to purchase over 90 luxury collector vehicles, including a 2012 Lamborghini Model Ave, a 2018 Ferrari Model 488, and more.

Iley pleaded guilty to the federal charges in June and was sentenced to 160 months of imprisonment on October 2, 2026.