Provident Execs Sentenced For Roles In $485M Ponzi Scheme

Law360, Houston (July 3, 2013, 5:47 PM EDT) -- A Texas federal judge on Wednesday handed down sentences ranging from six to 21 months to four Provident Royalties LLC executives tied to a $485 million Ponzi scheme that bilked thousands of investors in oil and gas projects.

U.S. District Judge Marcia A. Crone sentenced Provident co-founders Brendan W. Coughlin and Henry D. Harrison to 21 months each in federal prison and slapped former CEO Paul R. Melbye and Chief Financial Officer W. Mark Miller with 18- and six-month sentences respectively for their roles in a...
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