It was a pretty good scam. The scammer had a company that sold fractional profit shares in oil wells. Without getting too deep in the weeds, he sold the equivalent of more than 100%. He invested the proceeds of new investment in paying out old investors and buying new oil wells.
Eventually he ran out of new investor money and the scheme unraveled.
I don’t know how I would have caught it. The regulatory oversight in oil well finances is poor.
The guy was on the lam for a few months, then sentenced to 10 years in Federal prison. He then escaped and hasn’t been found.
Matt Cox talked his way out of imminent arrest, went on the run for 3 years, and was only discovered after his girlfriend slipped up and told something to the wrong person.
Eventually he ran out of new investor money and the scheme unraveled.
I don’t know how I would have caught it. The regulatory oversight in oil well finances is poor.
The guy was on the lam for a few months, then sentenced to 10 years in Federal prison. He then escaped and hasn’t been found.