Provident Execs Plead Guilty In $485M Oil Investment Ponzi

Law360, Houston (February 13, 2013, 6:12 PM EST) -- Three businessmen associated with defunct Provident Royalties LLC on Tuesday pled guilty in Texas federal court to charges they participated in a $485 million Ponzi scheme that bilked thousands of investors in oil and gas projects.

Provident co-founders Brendan W. Coughlin and Henry D. Harrison and Chief Financial Officer W. Mark Miller entered plea agreements reached with federal prosecutors who say the trio promised clients inflated rates of return on investments in oil and gas projects, but instead used funds from later investors to pay earlier...
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