Provident Co-Founders Indicted Over $485M Ponzi Scheme

Law360, New York (July 12, 2012, 2:47 PM EDT) -- Two co-founders of defunct Provident Royalties LLC were indicted Wednesday by a Texas federal grand jury for their alleged roles in a $485 million Ponzi scheme that bilked thousands of investors in oil and gas projects.

Brendan Coughlin, 46, and Henry Harrison, 47, were each charged with one count of conspiracy to commit mail fraud and 10 counts of mail fraud. They face up to 20 years in prison if convicted.

The defendants “made materially false representations and failed to disclose material facts to their investors...
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