reported at the end of last week on the Oil and Gas Lease Ponzi scheme convictions of among others, Lexingotn attorney, Byron Coffman. Coffman was a former republican candidate for Congress. This is an excerpt from the Kentucky.com report:
"Lexington lawyer Bryan S. Coffman, 47, was found guilty of eight counts of mail fraud, nine counts of wire fraud, two counts of securities fraud, 10 counts of money laundering and one money laundering conspiracy count. He was acquitted on two money laundering charges, according to the U.S. attorney's office. [ . . . ]
Coffman's wife, Megan Coffman, 48, who was facing money laundering charges, was acquitted on all of the charges.
Bryan Coffman and Milby face up to 20 years in prison. U.S. District Judge Karen Caldwell is scheduled to sentence them Aug. 24. A fourth defendant, Vadim 'Victor' Tsatskin of Canada, testified for the prosecution and was promised he would not be prosecuted in exchange for his testimony.
Authorities said about 500 corporate and individual investors in several states and countries were promised big returns from wells in Green and Adair counties that were actually dry holes or wells that didn't produce as long as promised. The defendants intentionally misrepresented and omitted facts about their oil and gas drilling programs, prosecutors maintained. The defendants gave investors false information about the use of investor money, investor risk, successes of their previous drilling programs and their companies' compliance with federal laws, according to the prosecution.
The oil and gas production investment scheme, which used the company names Mid-America Energy Inc. and Global Energy Group, began in 2004 and lasted through 2008, according to prosecutors. The defendants were accused of fraudulently using investors' money for things such as jewelry, real estate, a lavish birthday party, a yacht and retirement accounts."
Ponzi scheme defendants populated FCI, Morgantown's White Collar Criminal Elite. In my residential unit the guy who ran gambling was an OurTown Ponze schemer. When not running the "floating poker" game, he occupied his time watching the CNBC stock ticker--apparently the feds did not seize all of his assets.
A friend who works in the law office, here, in OurTown lost her life savings to a real estate Ponzi scheme run by a crook she met through her church. The investment scam purported to build houses near Phoenix, Az. While it's not the purpose of this post to analyze that scheme it's not lost on me that the chaos in Maricopa County created a vacuum that contributed to or enabled the scheme that cost my friend and her family their retirement.