AUSTIN - The special prosecutor in charge of presenting Ken Paxton's case to a grand jury said Wednesday in his opinion there is sufficient evidence to warrant an indictment of the first-term Texas attorney general on fraud charges.

"I think there is more than substantial evidence to indicate that an indictment is warranted, but it will be up to the grand jury to decide," said attorney Kent Schaffer, who along with Brian Wice was appointed to oversee the investigation into whether Paxton violated state securities laws.

The two Houston special prosecutors will present their evidence to a grand jury in Collin County within the next three weeks, said Schaffer.

He would not expand on the details, but Schaffer said the amount of money involved in the case he and Wice will present to the grand jury will be "substantially higher than $100,000."

Securities fraud violations over that figure amount to a first-degree felony under state law. If convicted, he could face a sentence of five years to life in prison and a fine of not more than $10,000.