Ponzi Schemer Gets 17.5 Years, $18M Restitution

By Ben James

Law360, New York (March 15, 2010, 7:43 PM ET) -- A man prosecutors accused of helping himself to millions of dollars solicited from investors who thought their money would go toward oil and gas well drilling projects has been sentenced to 17.5 years in federal prison and ordered to cough up $17.7 million in restitution.

Judge Richard A. Schell of the U.S. District Court for the Eastern District of Texas sentenced Michael Eugene Dannelly to 210 months in prison on Friday, and ordered Dannelly to pay $17,730,972.46 in restitution.

Dannelly, who owned and operated Oil and...
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