• 07 Jul 2009 at 2:08 PM

Another Impressive Ponzi Effort From Texas

By Greg Michaels

The state of Texas is one step closer to overtaking Bernie and other NY-based Ponzsters in the fraud league tables. Following the major league effort of Sir Allen, three Dallas-area businessmen are accused of running a $485 million Ponzi scheme focused on the oil and gas industry through a company called Provident Royalties LLC which promised Madoff-sized returns of up to 18%. Close to 8,000 investors believed these commodity wizards couldn’t miss.
3 Dallas businessmen accused of running $485 million Ponzi scheme [Dallas Morning News]

Comments (22)

  1. 1
    Posted by guest | July 7, 2009 at 2:10 PM

    Texas FTW

  2. 2
    Posted by guest | July 7, 2009 at 2:14 PM

    hey at least it’s not equities in dallas

  3. 3
    Posted by guest | July 7, 2009 at 2:14 PM

    As a resident of Texas, I hereby state that my ponzi is better than your ponzi.
    Suck it, NY.
    -TGFHouston

  4. 4
    Posted by guest | July 7, 2009 at 2:15 PM

    I am still proud to be a Texan. Wouldn’t want to live/work anywhere else.

  5. 5
    Posted by guest | July 7, 2009 at 2:16 PM

    4- that makes 1 of you

  6. 6
    Posted by guest | July 7, 2009 at 2:16 PM

    Nice Dillards ad.
    Can we knock off the “businessmen” thing? Ponzimen. Givinyouthebusinessmen.

  7. 7
    Posted by guest | July 7, 2009 at 2:26 PM

    I think these dudes should be given a medal. They took the money from stupid people, who now hopefully won’t have the financial support to raise a family, thereby winnowing the gene pool of undesireables. In fact, anyone stupid enough to be taken in by these dolts should be force sterilized just be sure!
    Now, sorry, I have to go. Some Nigerian prince has offered to split a billion dollars with me to help him smuggle his ill gotten gains out of Africa. Easy enough, he wires it to my account, and being a trusting fellow simply wants me to cut him a cashier’s check for the $600 million, keeping $400 million for myself. So long suckers!!! I’m off to Easy Street!

  8. 8
    Posted by guest | July 7, 2009 at 2:36 PM

    They owe a little cash as well…..
    http://www.chapter11blog.com/chapter11/2009/06/provident-royalties-llc-files-for-chapter-11.html

  9. 9
    Posted by guest | July 7, 2009 at 2:36 PM

    There aren’t enough Jews in Texas, but thanks for playing.

  10. 10
    Posted by guest | July 7, 2009 at 2:38 PM

    @5, if you like warm weather and fake boobs, Texas ain’t so bad
    -not 4

  11. 11
    Posted by guest | July 7, 2009 at 2:42 PM

    @9 Kinky Friedman isn’t enough for you?

  12. 12
    Posted by guest | July 7, 2009 at 2:45 PM

    I think there are a lot of images of the alleged Coughlin dude on Facebook and a UT-Dallas “entrepreneurial” site.

  13. 13
    Posted by guest | July 7, 2009 at 2:50 PM

    @11 What happened to his Texas Jewboys? Or were they not Jewish?

  14. 14
    Posted by guest | July 7, 2009 at 3:09 PM

    @10. Tell us more. Are these stripper bolt-ons, or nice under-the-muscle implants?

  15. 15
    Posted by guest | July 7, 2009 at 3:12 PM

    Any place as business-oriented as Texas is bound to have some scams like this. The business culture is part of what makes it a great place to live and work. NYC may actually be the Center of the (Western) Financial Universe but it’s a tough place to live. And by the way, there are lots of Jews besides Kinky (they even fought at the Alamo!) so c’mon down!
    http://books.google.com/books?id=oXOnaWM4NBMC&pg=PA7&lpg=PA7&dq=Texas+Jew+Alamo&source=bl&ots=c9urpBdhMC&sig=ex-zGw54KF7RN1HAZkfIO8f8AFM&hl=en&ei=cZ1TSoypKImNtgfEkImgCA&sa=X&oi=book_result&ct=result&resnum=4

  16. 16
    Posted by Novice | July 7, 2009 at 3:13 PM

    @14 The oil spike has been good to the talent.

  17. 17
    Posted by guest | July 7, 2009 at 3:19 PM

    @14…you can ask a Texas stripper yourself……
    http://www.ricks.com/wp/
    ~Texas Oil Bidnessman

  18. 18
    Posted by guest | July 7, 2009 at 3:26 PM

    Here: Texans ripping off Texans
    Madoff: Jew ripping off Jews
    Allen Stanford: WASP ripping off his shirt

  19. 19
    Posted by guest | July 7, 2009 at 3:46 PM

    only the cheapskates go to Ricks. The real money goes to The Lodge. More nice face tits there.

  20. 20
    Posted by guest | July 7, 2009 at 4:14 PM

    @13 y’know, I brain farted and forgot about ‘em. Up too late “studying” Drury on CNBC Asia last night.
    @11

  21. 21
    Posted by guest | July 7, 2009 at 5:01 PM

    @18…. genius!

  22. 22
    Posted by guest | July 7, 2009 at 5:51 PM

    texas – cows and queers baby!

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