Tuesday, September 21, 2021
83 F
Fort Worth

Energy company owner in Texas gets prison for Ponzi scam

🕐 1 min read

AUSTIN, Texas (AP) — The owner of a Texas oil and gas exploration company must serve more than 13 years in federal prison and repay $3.7 million to investors who were scammed.

Prosecutors in Austin say William Risinger owned RHM Exploration and operated the company as a Ponzi scam. The 44-year-old Risinger in January pleaded guilty to wire fraud and money laundering.

Officials say Risinger from late 2010 to mid-2014 stole from investors based on bogus oil, gas and mineral ventures and used the money for his personal spending.

Risinger was free on bond when he was arrested April 25 in Las Vegas for violating terms of his release. Testimony during Friday’s sentencing indicated Risinger since November lost about $500,000 while gambling in Las Vegas.

Related Articles

Our Digital Sponsors

Latest Articles

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate