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Texas CEO Pleads Guilty in Alleged $485M Oil and Gas Ponzi Scheme

Posted on 11/9/2012 by with 0 comments

SHERMAN — The co-founder and CEO of a defunct Texas-based oil and natural gas investment company has pleaded guilty to cheating thousands of clients in an alleged $485 million Ponzi scheme.

The U.S. attorney’s office says 47-year-old Paul R. Melbye of Dallas pleaded guilty Thursday in federal court in Sherman to a charge of conspiracy to defraud investors. He faces up to five years in prison.


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