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Another Impressive Ponzi Effort From Texas

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]