Ex-Aspen Exec Gets 6 Years For $56M Fraud

Law360, New York (September 8, 2011, 5:55 PM EDT) -- A former vice president and salesman for Texas oil and gas company Aspen Exploration Inc. who copped to participating in a securities scam was sentenced Wednesday to six years in prison and ordered to pay $16 million in restitution.

U.S. District Judge Jorge Solis gave salesman Joel William Petersen six years in prison after he pled guilty in January to a count each of securities fraud and conspiracy. The family who ran Aspen — patriarch William Anthony "Tony" Rand and his sons Gregory, William and Mark...
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