Texas Attorney General Ken Paxton settles long-running fraud charges

Texas Attorney General Ken Paxton has struck a deal to resolve securities fraud charges brought by state prosecutors nearly a decade ago, his lawyers said on Tuesday.

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