Ex-Aspen Oilman's Swag Goes To Victims Of $56M Fraud

Law360, New York (August 25, 2011, 2:23 PM EDT) -- A Texas federal judge on Tuesday ordered the sale of prison-bound fraudster Mark Albert Rand’s prized possessions, including a vintage Ferrari, a Picasso drawing and diamond jewelry, to help repay victims of a $56 million securities scam at his family’s oil business.

Rand, who pled guilty in August 2010 to three counts of securities fraud in connection with the scheme at Aspen Exploration Inc., and a co-defendant, Aspen salesman Joel William Petersen, are scheduled to be sentenced Aug. 31. Rand faces up to 14 years in...
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