Oil Execs Can't Skirt Charges In $485M Ponzi Scheme

Law360, Houston (April 11, 2013, 6:03 PM EDT) -- A Texas federal judge on Wednesday rejected an effort by three businessmen associated with defunct Provident Royalties LLC to dismiss charges they participated in a $485 million Ponzi scheme that bilked thousands of investors in oil and gas projects.

U.S. District Judge Marcia A. Crone adopted recommendations by U.S. Magistrate Judge Amos L. Mazzant to deny two motions to dismiss and a motion to suppress evidence presented by Provident co-founders Brendan W. Coughlin and Henry D. Harrison and Chief Financial Officer W. Mark Miller as groundless....
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