A recently disclosed deposition has intensified scrutiny on Texas Attorney General Ken Paxton, revealing significant gaps in his financial recollections concerning an investment scandal that led to his 2015 indictment for securities fraud.

The deposition, dating back to December 2014, was obtained by The New York Times from a political opponent of Paxton’s, amidst his ongoing bid for a Senate seat. The authenticity of the document has been independently verified.

During questioning by lawyers from the U.S. Securities and Exchange Commission (SEC), Paxton reportedly struggled to provide clear answers regarding his dealings with Servergy Inc., a tech startup based in McKinney, Texas. Over the course of several hours, he frequently responded with phrases like “I don’t remember” or “I don’t recall,” doing so over 200 times.

Paxton claimed to have invested more than $400,000 in various companies but could not produce stock certificates that might indicate an additional $200,000 in value. “I’m so busy,” he noted, attempting to explain his lack of organization. “I don’t always keep track of this kind of stuff.”

One particularly baffling testimony involved how he acquired shares in Servergy. Paxton claimed the shares were given to him for free after he met the company’s founder, Bill Mapp, at a Dairy Queen. Despite offering a $100,000 check to invest, he stated, “He said, I can’t take your money. God doesn’t want me to take your money.”

When pressed about the logic behind a startup founder giving away shares to a potential investor, Paxton admitted, “It was not logical,” adding that Mapp was a “spiritual person.” This remark has drawn further scrutiny from critics concerned about Paxton’s judgment and financial acumen.

Additionally, the SEC attorneys pointed out a discrepancy in Paxton’s finances when they presented his tax return showing $100,000 labeled as “legal services” to Servergy. Paxton deflected responsibility for the details, attributing the oversight to his wife, Angela, stating, “I haven’t prepared a tax return in a long time because I don’t have time, so typically… my wife actually does them.”

In a related development, Angela Paxton, now a state senator, filed for divorce in 2025, alleging adultery, which has cast further shadows over the attorney general’s personal and professional life.

The fallout from this deposition and subsequent indictment has been profound. In the wake of the deposition’s revelations, a Texas grand jury charged Paxton with state securities fraud, further complicating his political narrative.

Former GOP state Representative Byron Cook claimed Paxton directed him toward Servergy without disclosing that he had been financially compensated for recruiting investors, raising ethical questions about his behavior.

Despite the legal troubles, in 2024, Paxton reached a settlement that allowed him to avoid trial. He agreed to pay approximately $300,000 in restitution and perform community service, while maintaining that he admitted no wrongdoing. Meanwhile, a federal judge dismissed the SEC’s civil charges against him in 2017.

In response to the resurfaced deposition, Paxton’s campaign has attempted to downplay its significance, emphasizing its age and the absence of a conviction stemming from the case. Senior adviser Nick Maddux stated, “This is a 12-year-old deposition about a case that ended without a conviction, handed to the press by a political opponent less than a month before Election Day.”

Throughout his career, Paxton’s legal troubles have become a central theme, as he has been deposed at least three times in the last decade, although details of those depositions remain sealed from public view.

The emergence of this deposition poses considerable challenges to Paxton’s political ambitions as he seeks to secure a seat in the Texas Senate. Critics are raising concerns that his financial management and ethical standards could overshadow his campaign efforts.

As the election approaches, the implications of this deposition could have lasting effects not only on Paxton’s future but also on the broader political landscape in Texas. With heightened allegations and ongoing scrutiny, voters are poised to weigh these developments as they head to the polls.

This case stands as a reminder of the intersections of personal conduct and public office, urging voters to consider the implications of their choices as the election draws nearer.