Oil And Gas Co. Exec Gets 97 Months For Ponzi Scheme

Law360, New York (October 1, 2010, 7:21 PM EDT) -- The president of a Texas company that collected $30 million from investors through a Ponzi scheme related to the sale of oil and gas interests was sentenced Friday to eight years and one month in prison, federal prosecutors said.

Judge T. John Ward of the U.S. District Court for the Eastern District of Texas handed down the sentence after Richard W. McFarland Jr., 47, of Marshall, Texas, pled guilty to mail fraud in March. His company was called Delta Interest Inc.

McFarland was also ordered to...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.