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SEC alleges oil Ponzi scheme

July 08, 2009|Times Wire Reports

Federal regulators have frozen the assets of a Delaware company accused of swindling nearly 8,000 investors in a $485-million Ponzi scheme that falsely promised hefty returns on investments in the oil and gas business, officials said.

Three businessmen in Dallas, where Provident Royalties has its main office, ran the nationwide operation involving fraudulent securities offerings between June 2006 and January 2009, the Securities and Exchange Commission alleged.

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