Oil Exec Gets Sentence Pared In $485M Ponzi Scheme

Law360, Houston (April 29, 2013, 4:52 PM EDT) -- A Texas federal judge on Friday knocked eight years off the 20-year prison sentence of Provident Royalties LLC co-founder Joseph Blimline, who was convicted of running a pair of oil and gas investment Ponzi schemes that yielded more than $485 million.

U.S. District Judge Marcia A. Crone handed down an amended judgment against Blimline, which imposes a 144-month sentence against the disgraced exec but provides no explanation for the revised punishment. Court records indicate Judge Crone detailed her reasoning for the sentence adjustment in a separate,...
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