'$40 Billion Man' Accused Of Running Fuel Supply Ponzi

Law360 (October 11, 2019, 5:54 PM EDT) -- A Houston-based company that buys and sells fuel has filed a lawsuit against a former business partner whose CEO styles himself as "the $40 Billion Man," alleging the partner company is actually operating a Ponzi scheme.

L. Energy International LLC filed a lawsuit in Harris County District Court on Thursday, seeking up to $1 million in damages from Noil Petroleum Corporation and its CEO and president, Morrell Steve Neely. L. Energy alleges that Noil agreed to sell L. Energy’s fuel to a third party but then failed to pay L. Energy for that product. Neely has denied the allegations.

L. Energy...

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