Canada Gas Biz Demands $6.7M Over 'Ponzi-esque' Scheme

Law360 (September 16, 2020, 7:00 PM EDT) -- A Canadian oil and gas company says an American family defrauded it out of millions as a part of a "Ponzi-esque" scheme in which promises of a huge payout were made while funds were deceptively moved around and used inappropriately.

Energy investment company Molori Energy Inc. asked a Texas federal court on Tuesday to force defendants Richard Sands, Adam Sands and others including their companies to pay nearly $6.7 million for the scheme.

The company said the Sands family persuaded it to invest $2.6 million by claiming it already owned oil and gas assets, but instead used the money to buy...

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