Robbie Dale Walker was sentenced to 25-years in prison on April 9, 2013 in Hays County state District Court after pleading guilty to first-degree felony theft. He was also ordered to pay $255,000 in restitution.
The case was prosecuted by the Hays County District Attorney’s Office. The DA’s office received assistance from the Texas State Securities Board, which issued a bulletin about the case on April 11.
Walker reportedly promised his investors they could earn annual returns of at least 15 percent from non-existent oil and gas projects in North Dakota.
In one instance, he stole more than $200,000 from a woman who is now 95 years old, a retired state employee and widow of a former Hays County commissioner. He pleaded guilty to first-degree felony theft on March 4.
The victim lost $100,000 when Walker in 2009 successfully solicited her investment at her Dripping Springs home. Later in 2009, he drove her to her bank and obtained a $100,000 cashier’s check pledged against a certificate of deposit she held. The victim executed a promissory note that called for her to repay the $100,000 to the bank in a year. However, she did not realize the implications of the note, and when she defaulted the bank seized her CD. By that time, Walker had spent all of the money.
Rather than investing the money oil and gas exploration, he spent investors’ money on a patio, pool, and other improvements for his mother’s house, racked up charges at retailers Tiffany & Co. and Louis Vitton and paid for membership on a dating website.
Neither Walker nor his company, RD Walker Resources, was registered to sell securities.