Note: This story has been updated to include comment from General Paxton's attorneys and analysis from securities experts.

AUSTIN - The Texas Court of Criminal Appeals on Wednesday refused to take up Ken Paxton's last effort to have his felony indictments thrown out, which means the first-term Republican attorney general will likely face trial as early as next spring.

"Today's ruling marks an end to Mr. Paxton's almost yearlong attempt to avoid being judged by a jury of his peers. We look forward to going to trial and seeking justice on behalf of the people of Texas," special prosecutor Brian Wice said Wednesday.

The Republican-dominated criminal court gave no explanation Wednesday for its decision not to take up Paxton's case. A lower appeals court in Dallas, as well as the Tarrant County judge hearing the case, had already refused to throw out his indictments.

But Paxton's attorneys plan to ask the high court to reconsider its decision in light of the fact that a federal judge recently threw out separate civil charges against their client that are based on the same allegations.

"We anticipate filing a motion for rehearing because we have tremendous confidence in our case. The charges against Ken Paxton are without merit," Paxton attorney Philip Hilder said in a prepared statement. "A federal court, following a lower legal standard, ruled that the fraud charges were baseless."

Mug shot of Attorney General Ken Paxton, taken at the Collin County Jail on Aug. 3, 2015

Understanding the Charges against Paxton

Texas vs. Paxton [State Criminal Case]

Current status: Paxton is likely headed to court, but his lawyers are asking the Court of Criminal Appeals one final time to reconsider throwing out his indictments.

Charges: Two first-degree felonies for securities fraud; one for failing to register with the state as an investment adviser representative.

Allegations: Convinced others to invest in Servergy, Inc. without disclosing that he received a commission for doing so. Receiving a commission from people he steered to his investment adviser without registering with the state as the adviser's "representative."

Paxton is the sole defendant. The state is represented by special prosecutors Brian Wice, Kent Schaffer and Nicole DeBorde.

Possible sentences: Five to 99 years plus a fine of not more than $10,000 for each first-degree felony charge; two to 10 years plus a fine of not more than $10,000 for the third-degree felony charge.

U.S. Securities and Exchange Commission vs. William E. Mapp III, Warren K. Paxton Jr. [Federal civil case]

Current status: Federal judge conditionally threw out the charges on Oct. 7, 2016. The SEC has 14 days to revive the case.

Charges: Civil securities fraud.

Allegations: Same as in state criminal case.

Paxton and ex-Servegy CEO William E. Mapp III are both defendants. Caleb White, accused of similar allegations as Paxton, and Servergy itself were also defendants, but both settled with the SEC by repaying a combined $260,000 in penalties.

Possible consequences: The return of any "ill-gotten gains or unjust enrichment."

The technology firm Servergy, for which Texas Attorney General Ken Paxton allegedly promoted stock, relocated to McKinney in 2011. (DMN staff)

Paxton was indicted in July 2015 on first-degree felony charges for allegedly duping people into investing in North Texas technology firm Servergy, Inc., without telling them the company paid him to do so. Then a member of the state House, Paxton is accused of being given 100,000 shares of Servergy stock in exchange for bringing in $840,000 worth of investments from clients and friends, including fellow lawmakers.

Paxton is also accused of failing to register with the state as an "investment adviser representative." He was charged with two first-degree felonies and one third-degree felony, and he faces a maximum sentence of up to 99 years in prison and tens of thousands of dollars in fines if found guilty. Paxton will be tried in Collin County, where he lives.

Since his indictment, Paxton has exhausted every legal remedy at his disposal to fight the charges, which he says are clearly politically motivated. He first asked the presiding judge in his case, George Gallagher of Tarrant County, to toss the indictments. Gallagher refused in December.

Paxton then appealed his case in a Dallas court, which twice decided not to throw out the charges. The Court of Criminal Appeals represented Paxton's last chance at having the indictments reversed before heading to trial.

Civil fraud charges lobbed at Paxton by the U.S. Securities and Exchange Commission have fared far less well, however.

Last week, U.S. District Judge Amos Mazzant III threw out the charges, which are based on the same allegations as his criminal indictments, saying the federal government had failed to show Paxton broke disclosure laws when he encouraged people to invest in the tech firm.

"This case is not about whether Paxton had a moral obligation to disclose his financial arrangement with Servergy to potential investors," Mazzant wrote in his ruling. "This case is also not about whether Paxton had some general obligation to disclose his financial arrangement to his investor group."

Paxton's attorney says the Court of Criminal Appeals should rethink its decision with Mazzant's ruling in mind. But Wice and his fellow special prosecutors say the outcome in the federal civil lawsuit has no bearing on their state criminal case.

Experts disagreed whether the initial failure of the federal case - the government has 14 days to revive the charges - could signal a tough road ahead for the state prosecution.

John Teakell, a former SEC prosecutor, told The Dallas Morning News last week that if the federal government did not have sufficient evidence in its civil complaint, the state prosecutors "are going to have to go back and question whether they can really prove something."

But attorney Jeff Ansley said he didn't see "any real connection" between the cases.

"There are too many variables that, I think, it makes it impossible to draw any meaningful correlation between the SEC's failure and the failure or success of the state charges," said Ansley, a former enforcement attorney with the SEC who also served as an assistant U.S. attorney.

He added he had little faith the criminal appeals court would reconsider the decision made Wednesday.

"In my view, the attorney general's best chance to avoid a trial was by seeking dismissal, which to date has been rejected," Ansley said. "Barring a significant change in position of either side, this case stands a good chance of going to trial."