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...
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Case Information

Case Title

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


Case Number

4:17-cv-00151

Court

Georgia Southern

Nature of Suit

Securities/Commodities

Judge

Lisa G. Wood

Date Filed

August 11, 2017

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