|
Plano man accused of defrauding oil, gas investors of $610,000
By ELIZABETH SOUDER / The Dallas Morning News
|
|
(August 18, 2009 - Tuesday) - 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 court-ordered restitution.
Three years ago, Fletcher pleaded guilty to fraud. He was given a 10-year suspended sentence and ordered to pay $241,161 in restitution and was placed on community supervision for 10 years, according to the indictment.
A call to Raptor's offices in Plano went unanswered Monday, and the number listed for Fletcher's home in Plano was disconnected.
The indictment from a Collin County grand jury 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 BMW 750i."
The Web site for the Railroad Commission, which oversees oil and gas drilling in Texas, shows no record of Raptor Oil or Texas Oil Equities filing for any drilling permits.
According to Monday's indictment, Fletcher also failed to tell investors that he had pleaded 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 10 years ago, doing business as EAF Oil & Gas Corp., he was found to have violated state rules.
The Texas State Securities Board investigated the case. The board encourages investors to research investments thoroughly and to contact the board with questions about specific companies.
By ELIZABETH SOUDER / The Dallas Morning News
|
