Paul A. Donisthorpe, shown in this 2003 photo, is the CEO of a nonprofit trust company in Albuquerque that state regulators say didn’t post a surety bond to ensure financial protection of the trust assets managed by the company. (Randy Stiner/Albuquerque Journal)

ALBUQUERQUE, N.M. — The former CEO of Desert State Life Management pleaded guilty to wire fraud and money laundering in federal court Monday morning.

Paul Donisthorpe, 62, will be sentenced to eight to 12 years in prison, according to the recommendation in his plea agreement.

He also must pay $4,812,857 in restitution to the victims of his crimes.

Donisthorpe ran a decade-long scheme in which he stole more than $4.8 million from more than 70 of his company’s clients. Many of them had developmental or physical disabilities, Acting U.S. Attorney James Tierney said Monday.

In August, the state took control of the Desert State Life.

“This was a heartbreaking case of an individual stealing millions of dollars from elderly, disabled and New Mexicans with special needs who depended on him to make sure their rent, medical bills and living expenses were paid,” Terry Wade, the special agent in charge of the FBI in Albuquerque, said in a prepared statement.

This is a developing story.

Editor’s Note:

This is not the first time Paul Donisthorpe has plead  guilty to a major felony; it’s (at least) his 3rd time.

In 1991, Donisthorpe plead guilty to 1990 incident of vehicular homicide after the truck Donisthorpe was driving ran a red light, then broadsided a car driven by a middle-school teacher who was pronounced dead a short while after the wreck.

In 2005, Donisthorpe plead guilty to a drunken driving charge, after causing a three car pile-up at an intersection in Albuquerque.

Now, in 2017, Donisthorpe has once again plead guilty to several serious felonies, including wire fraud and money laundering, that has resulted in the theft of over $4,800,000 from his victims, most of whom were developmentally or physically disabled.

Is 8-12 years prison really enough for 3 time heinous felon?