Ex-Provident Execs Say Client Alerts Sink Ponzi Scheme Case

Law360, Houston (December 21, 2012, 4:29 PM EST) -- Three businessmen associated with defunct Provident Royalties LLC on Thursday urged a Texas federal judge to toss an indictment over their roles in an alleged $485 million Ponzi scheme, arguing clients were warned about the risks of investing in oil and gas projects.

Provident co-founders Brendan W. Coughlin and Henry D. Harrison and Chief Financial Officer W. Mark Miller said in a motion to dismiss that written materials submitted to investors cautioned them about relying on projected returns.

“The indictment purports to charge mail fraud based...
To view the full article, register now.




Case Information

Case Title

Magistrate judge case numbers: 

Case Number



Texas Eastern

Nature of Suit

Date Filed

July 11, 2012

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.