As reported in the Dallas Morning News, another North Texan has been arrested on accusations of oil securities fraud.
This time, police arrested William Fletcher, 50, of Plano, doing business as Texas Oil Equities Inc. and Raptor Oil & Gas Corp. He’s accused of defrauding investors of more than $610,000 by selling stakes in oil and natural gas wells and using the proceeds for luxury cars and other items for himself.
This case has a twist: Fletcher is also accused of using the money to pay off a fine levied the last time he was accused of securities fraud.
A call to Raptor’s offices in Plano was unanswered on Monday, and the number listed for Fletcher’s home in Plano was disconnected.
Three years ago, Fletcher pled guilty to fraud. He was given a ten-year suspended sentence and ordered to pay $241,161 in restitution. He was placed on community supervision for ten years, according to the indictment.
The indictment accuses Fletcher of “intentionally failing to disclose that funds paid by investors to defendant were used by defendant for personal and other purposes unrelated to the investments, such as the payment of court-ordered restitution, payment in partial-satisfaction of a civil judgment, country club membership fees, dues or costs, the purchase of a BMW X5 and the purchase of a BMX 750i.”
According to the indictment issued on Monday, Fletcher also failed to tell investors that he had pled guilty to fraud and that he wasn’t allowed to sell securities or promote oil and gas activities while on community supervision.
Further, the indictment accuses him of failing to tell investors that he filed for bankruptcy in 2005, and that ten years ago, doing business as EAF Oil & Gas Corp., he was found to have violated state rules.
The website for the Railroad Commission, which oversees oil and gas drilling in Texas, shows no records of Raptor Oil or Texas Oil Equities filing for any drilling permits.
The Texas State Securities Board investigated the case.
If you have questions about investments you made with William Fletcher, Texas Oil Equities Inc. or Raptor Oil & Gas Corp, or if you believe that you have been the victim of an oil and gas securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office at 312-238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.