Ex-Provident Execs Say Client Alerts Sink Ponzi Scheme Case

Law360, Houston (December 21, 2012, 4:29 PM EST) -- Three businessmen associated with defunct Provident Royalties LLC on Thursday urged a Texas federal judge to toss an indictment over their roles in an alleged $485 million Ponzi scheme, arguing clients were warned about the risks of investing in oil and gas projects.

Provident co-founders Brendan W. Coughlin and Henry D. Harrison and Chief Financial Officer W. Mark Miller said in a motion to dismiss that written materials submitted to investors cautioned them about relying on projected returns.

“The indictment purports to charge mail fraud based...
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