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SEC shuts down $18 million oil and gas Ponzi scheme

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The U.S. Securities and Exchange Commission Friday announced charges and an emergency asset freeze against the perpetrators of a Texas-based Ponzi scheme involving purported investments in oil and gas projects. The SEC alleged that Robert A. Helms and Janniece S. Kaelin, who work out of an office in Austin, misled investors about their experience in the oil and gas industry ... Read More »

Oil and gas fraudster jailed for Oklahoma ponzi scheme

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A con man who cheated old folks out of their life savings by selling them bogus oil and gas investments was jailed for nine years last week. Jimmy Morrisett, 53, of Burnet, Texas pleaded guilty to running a ponzi scheme for four years that victimized 238 investors in the United States and Canada. He promoted phony projects in Oklahoma. Morrisett ... Read More »