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Paxton, a Republican and ally of former U.S. President Donald
Trump, was indicted in July 2015 on charges related to stock
sales and compensation from the Texas technology firm Servergy.
He also faced charges of acting as a securities agent without
registering with the state.
The state will drop the charges in 18 months if Paxton pays
restitution to investors and completes community service and
legal education, his lawyers said. Paxton will not admit
wrongdoing under the deal, they said.
"This case has been pending literally longer than the Beatles
were together, it was time to move on," Paxton's lawyer Dan
Cogdell said.
The settlement is another win for Paxton, a conservative
firebrand who has been dogged by corruption allegations since
taking office in 2014. Last fall, he overcame an impeachment
attempt spurred on by accusations that he abused his power to
protect a wealthy political donor.
The U.S. Securities and Exchange Commission had also sued Paxton
for promoting Servergy stock without disclosing he was paid to
do so. The case was dismissed in 2017, when a judge ruled Paxton
was not required to disclose the payments.
Paxton boosted his standing in right-wing circles when, in
December 2020, he asked the Supreme Court to throw out results
from four states that had cast their votes for Joe Biden in the
November election. The court tossed out the case.
(Reporting by Jody Godoy in New York; Editing by Bill Berkrot)
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