Provident Founder Gets 20 Years In $428M Ponzi Scheme

Law360, New York (May 4, 2012, 6:40 PM EDT) -- A Texas federal judge on Thursday sentenced the co-founder of defunct Provident Royalties LLC to a 20-year prison term for his role in a pair of oil and gas investment Ponzi schemes that netted more than $428 million from thousands of victims.

U.S. District Judge Marcia A. Crone handed down the 240-month sentence to Joseph Blimline, who pled guilty in 2010 to a mail fraud charge in each of two criminal prosecutions relating to the schemes operated out of Michigan and Texas between 2003 and 2009....
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