Last month, James E. VanBlaricum pleaded guilty to one count of mail fraud stemming from an oil and gas fraud scheme, perpetrated from 2007 through 2016, from several locations in the Mid-Cities.
The Colleyville businessman operated Signal Oil and Gas Company, and Texas Energy Management, which later became Texas Energy Mutual, “… for the purpose of investing in mineral leases, and oil and gas production, and earning a profit from those investments.” (Source: www.justice.gov)
A federal investigation began after officials at the Texas State Securities Board started receiving complaints – including a lack of investment payments. Federal agents found, among other illegal activity that “VanBlaricum secretly, and without authorization, took and spent money entrusted to him by investors for advertising, vacations and international travel, rent payments, automobile purchases, and payroll and commissions for employees and sales agents.”
VanBlaricum is accused of bilking more than $2.6 million from 53 investors. His sentencing is scheduled for June 13th. The 77 year old faces a maximum of 20 years in prison and a $250,000 fine.
Unfortunately, oil and gas schemes are all too common in our neck of the woods. Have you been the victim of investment fraud? Do you think you were given misleading information in order to gain your investment? The Harris Firm has handled a number of cases involving investment fraud, and we’d be happy to take a look at your case.
