Oil Exec Gets Sentence Pared In $485M Ponzi Scheme

Law360, Houston (April 29, 2013, 4:52 PM EDT) -- A Texas federal judge on Friday knocked eight years off the 20-year prison sentence of Provident Royalties LLC co-founder Joseph Blimline, who was convicted of running a pair of oil and gas investment Ponzi schemes that yielded more than $485 million.

U.S. District Judge Marcia A. Crone handed down an amended judgment against Blimline, which imposes a 144-month sentence against the disgraced exec but provides no explanation for the revised punishment. Court records indicate Judge Crone detailed her reasoning for the sentence adjustment in a separate,...
To view the full article, register now.




Case Information

Case Title

Other court case number: 

Case Number



Texas Eastern

Nature of Suit

Date Filed

August 9, 2010

Government Agencies

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.