Hudgins pleads guilty

NACOGDOCHES, TX (KTRE) - Nacogdoches businessman George Hudgins pleaded guilty in Beaumont's federal court this afternoon to wire fraud, embezzlement and money laundering.   U.S. Attorney Malcolm Bales says he's recommending a 120 month federal prison sentence. That's about half the maximum amount allowed by law. The crimes Hudgins admitted to cost commodity pool investors millions of dollars. Attorneys proved that Hudgins used investors' money for a down payment on an airplane and invested in a Chicago brokerage firm. A decision on sentencing should come in about sixty days. Meanwhile, Hudgins is a free man. According to Bales, Hudgins is cooperating in the sale of his personal property. Proceeds will be used to pay back investors as much as possible.