Texas Man Cops To $485M Oil, Gas Ponzi Scheme

Law360, New York (September 1, 2010, 3:50 PM EDT) -- The co-founder of Provident Royalties LLC has pled guilty to conspiracy in connection with a $485 million scheme to defraud 7,700 investors, in the first case to be prosecuted against an individual involved with the defunct Texas energy investment firm.

As part of a sealed plea agreement with federal prosecutors, 35-year-old Joseph Blimline entered a guilty plea to two conspiracy charges Tuesday in the U.S. District Court for the Eastern District of Texas.

Blimline admitted to participating in a separate $50 million oil and gas scheme...
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