Frank Ruiz scheduled to self surrender to prison in June

Frank Ruiz scheduled to self surrender to prison in June

Posted:
Frank Ruiz testifying against the Liddle's in January Frank Ruiz testifying against the Liddle's in January

PHOENIX, AZ- A local man who admitted to conspiracy and transactional money laundering against AEA Federal Credit Union is sentenced to 24 months in prison followed by 3 years of supervised probation on Monday.

The former Top of the Kress owner referred all questions to his attorney, who says they are very satisfied with the judges ruling. "It seems as if the judge recognizes that the victim in this case is not necessarily AEA and there are others responsible including the bank itself for their own demise" says Ashley Adams.

Inside the courtroom, U.S. District Judge Susan Bolton said Ruiz was a willing conspirator in this case and this ponzy scheme happened due to the lack of responsibility of the credit union and it's employees.

Judge Bolton said Ruiz provided the government with substantial evidence against his co-defendants, Bill and Rhonda Liddle, which resulted in a speedy trial and many convictions.

An emotional Ruiz stood before Judge Bolton saying he fully accepts his responsibility and has learned from his mistakes. He then apologized to AEA, his family and the Yuma community.

Ruiz became emotional after his wife spoke on his behalf. Jacqueline Ruiz asked the judge for leniency in sentencing her husband. Mrs. Ruiz said her husband has been tied to a whipping post for the past few years and he has lost everything he's worked for in his entire life.

However Tom Martin, interim CEO of AEA, didn't see it the same way.

Martin also spoke before the court and asked the judge to sentence Ruiz to 10 years in prison because that's how long it will ultimately take AEA to recover from his losses.

Judge Bolton estimated the loss of damages by Ruiz to AEA any where from $2.5 million to $7 million.

A restitution hearing in this case will be sometime in late June.

Until then Ruiz remains out of custody. He is scheduled to self surrender to the department of corrections by noon on June 29th.

It's unclear at this time which federal prison Ruiz will serve his sentence. He has requested to be placed at the facility in Tucson, so he can be close to his family.

  • Email Alert Sign Up

    Sign up here to receive breaking news stories from KSWT.com and morning updates to your email inbox.

    * denotes required fields


    Thank you for signing up! You will receive a confirmation email shortly.

KSWT-TV Affiliates

Go to KSWT-TV's Facebook page