Earlier this month, James E. VanBlaricum was sentenced to seven years in prison and ordered to pay more than $32 million in restitution for his role in an oil and gas Ponzi scheme.
Last March, we told you about VanBlaricum, who had pleaded guilty to one count of mail fraud stemming from the scheme, perpetrated from 2007 through 2016, from several locations in the Mid-Cities.
VanBlaricum, a 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: 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.”
The 78 year old was accused of bilking more than $2.6 million from 53 investors. Perhaps he can apply his Social Security toward repaying those he defrauded?
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. Please consider contacting our firm for a free consultation.
