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Texas Oil and Gas Investment Fraud Scheme Busted

A Texas federal judge granted a motion for summary judgment filed by the Securities and Exchange Commission in a suit against two oil and gas promoters. The two were found to have set up a Ponzi scheme over the course of two years which bilked 70 investors out of millions of dollars. The two were found to have lied to investors about production from wells in Texas and Oklahoma, many of which were plugged and abandoned or producing much smaller quantities than promised.

A copy of the court’s order can be reviewed here:

Order

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