{"id":1144,"date":"2012-10-25T18:47:38","date_gmt":"2012-10-25T18:47:38","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/10\/texas_securities_fraud_investo_1"},"modified":"2022-03-09T16:29:06","modified_gmt":"2022-03-09T22:29:06","slug":"texas-securities-fraud-investo-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-securities-fraud-investo-1\/","title":{"rendered":"Texas Securities Fraud: Investors Bilked $68M Dallas Ponzi Scam Hoping To Recover Funds Via Rare Guitar Auction"},"content":{"rendered":"

\t\t\t\tOne year after The Rand Family pled guilty to bilking over 200 investors in $68M Dallas Ponzi scam<\/a>, a number of their expensive instruments are going up for auction. The money from the sales will go towards paying back their victims.<\/p>\n

The Rand Family, who owned oil and gas owned Aspen Exploration, scammed investors into financing the operation and drilling of a number of Texas oil wells. At least a 40% return was promised. However, not all of the investors’ monies went to drilling oil. Instead, US Postal investigators discovered that the family was using some of the funds to pay for their expensive lifestyle, which included private jets, yachts, country club membership, and the purchase of real estate, jewelry, musical instruments, and an original Picasso.<\/p>\n

Their company, Aspen, sold net revenue interests and working interests in a number of wells in the Rancho Blanco Corporation State Gas Unit in Texas. Prosecutors accused the Rands of making false representations, such as telling them that their money, which would only be commingled when necessary, would go toward testing, drilling, and completion of a well and that they would managerial rights. Instead, the money was moved out of Aspen’s bank accounts as the defendants spent it on personal expenses and to drill and pay for the operation of other wells.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

One year after The Rand Family pled guilty to bilking over 200 investors in $68M Dallas Ponzi scam, a number of their expensive instruments are going up for auction. The money from the sales will go towards paying back their victims. The Rand Family, who owned oil and gas owned Aspen Exploration, scammed investors into […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3792,3750],"tags":[],"class_list":["post-1144","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams","category-texas-securities-fraud"],"yoast_head":"\nTexas Securities Fraud: Investors Bilked $68M Dallas Ponzi Scam Hoping To Recover Funds Via Rare Guitar Auction — Investor Lawyers Blog — October 25, 2012<\/title>\n<meta name=\"description\" content=\"One year after The Rand Family pled guilty to bilking over 200 investors in $68M Dallas Ponzi scam, a number of their expensive instruments are going up — October 25, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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