Provident Founder Must Pay $17M To Ponzi Scheme Victims

Law360, New York (July 31, 2012, 4:17 PM EDT) -- A Texas federal judge on Monday slapped a $16.9 million restitution order onto the 20-year prison term already handed to a co-founder of the defunct Provident Royalties LLC, who allegedly ran two oil and gas investment schemes that defrauded thousands of victims out of more than $428 million.

The money will be forwarded to the Jordan River Resources Liquidation Trust overseen by trustee Michael Locricchio, whose beneficiaries are the victims of the Provident schemes, and the defrauded investors will be paid proportionately according to their respective...
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