We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

2 Plead Guilty, 2 Arrested Over $15M Oil Ponzi Scheme

Law360, New York (August 11, 2017, 8:12 PM EDT) -- Prosecutors announced Friday that two men were arrested and two previously pled guilty to charges they raised $15 million by falsely claiming investors would make impressive profits in oil and gas projects, then used two-thirds of the cash to benefit themselves and advertise to new investors.

The U.S. Attorney’s Office for the Southern District of Georgia said Richard Paul Underwood, 65, of Fort Lauderdale, Florida, and Colin P. Purcell, 56, of Simpsonville, Kentucky, were both arrested after an indictment against them was unsealed Friday in Georgia...
To view the full article, register now.




Case Information

Case Title

Securities and Exchange Commission v. Tennstar Energy, Inc. et al

Case Number



Georgia Southern

Nature of Suit



Lisa G. Wood

Date Filed

August 11, 2017

Law Firms

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.