Texas Oil, Gas Ponzi Schemers Found Liable in SEC Fraud Suit

Two men accused of running a Ponzi scheme promising oil and gas investors guaranteed returns of 227% or more are liable after a federal judge in Texas said the SEC showed they intentionally misrepresented the business.

William J. Milles Jr. and Donald J. Lutzko allegedly raised around $3.9 million from investors. There’s no genuine dispute of material fact as to whether they intentionally made material misrepresentations and employed a scheme to defraud investors, making a summary judgment for the Securities and Exchange Commission appropriate, the U.S. District Court for the Western District of Texas said.

The SEC provided evidence ...