Aspen Owners Get Prison Time In $56M Fraud Suit

Law360, New York (July 27, 2011, 6:51 PM EDT) -- The patriarch and two sons of the family that controls oil and gas company Aspen Exploration Inc. received prison sentences Wednesday in Texas federal court for allegedly defrauding investors of $56 million.

William Anthony “Tony” Rand was sentenced to 66 months in prison, while his sons Gregory K. Rand and William N. Rand received 18 years and 14 years, respectively, according to a U.S. Department of Justice spokesman.

All three Rands pled guilty to securities fraud and conspiracy charges in January, admitting in a plea agreement...
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