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Dallas Man Guilty in half billion $ Oil Scam

Dallas Morning News -- A Dallas man pleaded guilty in connection with one of North Texas' largest oil and gas investment schemes and also admitted guilt in an oil and gas scam in Michigan.

He faces 20 years in prison on each of the counts;

In July 2009, the Securities & Exchange Commission filed suit against Provident Royalties, alleging that the company had bankrolled $485 million from investors purportedly to invest in oil and gas partnerships.

7,700 investors were invested in the partnerships, while the company's leaders diverted funds to pay back earlier investors in a Ponzi scheme.

Blimline admitted that in 2006 he and others at Provident failed to tell investors about the nature of the Ponzi scheme, Blimline's previous troubles with securities regulators & other material issues.

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Submitted Sep 01, 2010 By: MidNJ

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SAVEITIL Champion Author Chicago Posts:2,960 Points:707,515 Joined:May 2009	Message Posted: Sep 2, 2010 6:49:17 AM Ignore SAVEITIL Report Abuse Punish hard to thwart others from doing the same.
honda0105 Champion Author Tallahassee Posts:15,290 Points:1,146,200 Joined:Nov 2008	Message Posted: Sep 2, 2010 5:28:48 AM Ignore honda0105 Report Abuse saleboss: giving back money that the guy already squandered (and / or spent on "paying dividends" to those who fell for him first)? I doubt there's more than one cent left of that money.
honda0105 Champion Author Tallahassee Posts:15,290 Points:1,146,200 Joined:Nov 2008	Message Posted: Sep 2, 2010 5:15:04 AM Ignore honda0105 Report Abuse hang him high on the next tree. At least that will set a public deterrent, unlike high end prisons with gyms, libraries and other amenities that some poor folks in America don't have. Their only crime? They're poor and have little education (which the system has failed to provide). Their punishment? Lifelong (and that's a short life expectancy) poverty, hunger and living often in overheated, delapidated homes.
honda0105 Champion Author Tallahassee Posts:15,290 Points:1,146,200 Joined:Nov 2008	Message Posted: Sep 2, 2010 5:04:14 AM Ignore honda0105 Report Abuse Canuck: not everyone has seen the article, so it's good it's posted longer / repeatedly
Canucktree Champion Author Alberta Posts:2,719 Points:583,535 Joined:Dec 2008	Message Posted: Sep 1, 2010 11:21:41 PM Ignore Canucktree Report Abuse Repeat
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Sep 1, 2010 11:17:05 PM Ignore CobraLeader Report Abuse ... Instead of imprisonment, how about two hours of "draw and quartering" ... ... for each 20 years of imprisonment??? This is much more COST EFFECTIVE!!! ...
tedjm1 Champion Author New York Posts:3,560 Points:393,585 Joined:Dec 2006	Message Posted: Sep 1, 2010 11:16:56 PM Ignore tedjm1 Report Abuse But, as for all the others, where is all the money? The unhappy people have probably lost most of what they 'invested'.
Bus561 Champion Author Lexington Posts:14,096 Points:2,757,005 Joined:May 2004	Message Posted: Sep 1, 2010 11:12:23 PM Ignore Bus561 Report Abuse Man it is getting so an honest crook can't make a crooked living.
Bigwaynef Champion Author South Carolina Posts:7,687 Points:1,617,860 Joined:Dec 2006	Message Posted: Sep 1, 2010 11:09:23 PM Ignore Bigwaynef Report Abuse 20 years hanging his head in a noose twenty feet off the ground!
LocalSpyGuy Champion Author Tampa Posts:5,499 Points:1,124,220 Joined:Nov 2008	Message Posted: Sep 1, 2010 11:06:32 PM Ignore LocalSpyGuy Report Abuse Seems like I read this one before.
visitor_2 Champion Author Orlando Posts:1,026 Points:1,238,080 Joined:Aug 2006	Message Posted: Sep 1, 2010 11:05:51 PM Ignore visitor_2 Report Abuse Sounds like a candidate for Governor (I.E. Florida)
ashishpa All-Star Author St. Louis Posts:951 Points:217,540 Joined:Feb 2010	Message Posted: Sep 1, 2010 11:00:03 PM Ignore ashishpa Report Abuse Greedy crooks should be hanged in public
AKmailman Champion Author Alaska Posts:3,313 Points:1,103,495 Joined:Jul 2004	Message Posted: Sep 1, 2010 10:52:58 PM Ignore AKmailman Report Abuse why are people still so stupid to fall for this type of scheme ? If it's too good to be true - it's probably a scam
kbierley Champion Author Dayton Posts:9,934 Points:1,271,545 Joined:Nov 2003	Message Posted: Sep 1, 2010 10:49:29 PM Ignore kbierley Report Abuse Interesting. We are told that Ponzi Schemes are wrong. Yet we are still forced to pay into Social Security and Medicare, the most biggest Poniz Schemes there are.
waynemustang Champion Author Indiana Posts:4,686 Points:1,241,180 Joined:Nov 2006	Message Posted: Sep 1, 2010 10:40:35 PM Ignore waynemustang Report Abuse MOST OF CONGRESS IS GUILTY OF OIL SCAM.
MidNJ Champion Author New Jersey Posts:4,662 Points:743,495 Joined:Sep 2009	Message Posted: Sep 1, 2010 10:36:19 PM Ignore MidNJ Report Abuse The moral of the story; Most on GB do not/will not benefit from the 2% tax breaks that some politicians’ want to continue. If you do benefit from the tax breaks, please, PLEASE, invest the money that the Government gives you wisely. (Don't get caught in a Ponzi scheme) Enough is enough!!! ======================= We, the middleclass taxpayers must stop bleeding our money to those who have no concept about how to use it.
mstearno Champion Author Dayton Posts:5,887 Points:1,290,185 Joined:Jan 2008	Message Posted: Sep 1, 2010 10:31:07 PM Ignore mstearno Report Abuse go directly to jail do not pass go
cudatim Champion Author San Antonio Posts:2,186 Points:1,082,755 Joined:Jan 2007	Message Posted: Sep 1, 2010 10:22:04 PM Ignore cudatim Report Abuse At a boy, give it to him.
lightbulbman2008 Champion Author Worcester Posts:189,005 Points:1,124,075 Joined:Oct 2008	Message Posted: Sep 1, 2010 10:14:12 PM Ignore lightbulbman2008 Report Abuse make him pay up, and punish him severely.!!!!!
lolite All-Star Author San Diego Posts:813 Points:415,890 Joined:Dec 2008	Message Posted: Sep 1, 2010 10:10:08 PM Ignore lolite Report Abuse TX part of USA or Part of Rep of Texas, were there are no rules?
Lukus Champion Author Halifax Posts:6,047 Points:1,220,510 Joined:Nov 2007	Message Posted: Sep 1, 2010 10:05:27 PM Ignore Lukus Report Abuse Always out for the easy buck.
janctx Champion Author Lubbock Posts:2,715 Points:882,880 Joined:Nov 2007	Message Posted: Sep 1, 2010 10:05:17 PM Ignore janctx Report Abuse how do they live with themselves
Bleeder Champion Author Virginia Posts:6,153 Points:1,273,380 Joined:Jan 2008	Message Posted: Sep 1, 2010 10:05:07 PM Ignore Bleeder Report Abuse Hard to believe this type of scam still thrives like this today.
honda0105 Champion Author Tallahassee Posts:15,290 Points:1,146,200 Joined:Nov 2008	Message Posted: Sep 1, 2010 9:58:43 PM Ignore honda0105 Report Abuse hope he keeps Madoff company.
signwiz Champion Author Indiana Posts:1,395 Points:1,352,930 Joined:Feb 2006	Message Posted: Sep 1, 2010 9:56:40 PM Ignore signwiz Report Abuse Death penalty. Hang him high.
saleboss Champion Author Phoenix Posts:2,866 Points:966,490 Joined:Feb 2006	Message Posted: Sep 1, 2010 9:55:00 PM Ignore saleboss Report Abuse Throw the book at him, and give the people back their money!!
JoseM All-Star Author San Bernardino Posts:890 Points:605,010 Joined:Apr 2009	Message Posted: Sep 1, 2010 9:54:22 PM Ignore JoseM Report Abuse Wow... I'm really suprised of all the scams that are openly happening in America... Just listen to the radio!
abcdMA Champion Author Worcester Posts:5,639 Points:1,119,000 Joined:Nov 2008	Message Posted: Sep 1, 2010 9:28:30 PM Ignore abcdMA Report Abuse let me guess, he offered fantastic returns with no downside potential
Weirdomania1 Champion Author Orange County Posts:3,128 Points:584,595 Joined:Jan 2008	Message Posted: Sep 1, 2010 9:28:16 PM Ignore Weirdomania1 Report Abuse Capitalism... greed is good right... it's nice when the government reinforces this belief by paying out our future taxes for 'their' mistakes.
woodeye55 Champion Author Gary Posts:4,676 Points:1,394,880 Joined:Mar 2006	Message Posted: Sep 1, 2010 9:28:03 PM Ignore woodeye55 Report Abuse Nah, not in the good old USA.
1Casey Champion Author Albany Posts:4,541 Points:1,422,785 Joined:Jun 2004	Message Posted: Sep 1, 2010 9:27:07 PM Ignore 1Casey Report Abuse How unfortunate for the people that were ripped off by this scumbag.
Dancin Champion Author Toronto Posts:5,510 Points:2,082,255 Joined:Mar 2004	Message Posted: Sep 1, 2010 9:24:13 PM Ignore Dancin Report Abuse Seize his assets. Liquidate them. Pay out those who lost due to fraud. Jail him and each conviction is served CONSECUTIVELY, not CONCURRENTLY.
Bonito Champion Author Dayton Posts:13,074 Points:2,549,935 Joined:Jun 2004	Message Posted: Sep 1, 2010 9:23:00 PM Ignore Bonito Report Abuse Does he work for BP!
ricker8 Champion Author Ontario Posts:3,128 Points:675,325 Joined:Oct 2008	Message Posted: Sep 1, 2010 9:03:32 PM Ignore ricker8 Report Abuse goes to prove that you can't trust anyone, do some research before you invest.
30mpg80 Champion Author Lexington Posts:4,517 Points:1,024,895 Joined:Nov 2008	Message Posted: Sep 1, 2010 8:57:02 PM Ignore 30mpg80 Report Abuse Good salesman
DEG Champion Author Las Vegas Posts:15,422 Points:3,059,355 Joined:Jul 2003	Message Posted: Sep 1, 2010 8:51:17 PM Ignore DEG Report Abuse In investments, one needs to do their own due diligence.
must87searcher Champion Author Maryland Posts:6,683 Points:1,318,455 Joined:Apr 2008	Message Posted: Sep 1, 2010 8:45:52 PM Ignore must87searcher Report Abuse With the conditions of today, there are for sure to be people and groups who want to pull fast tricks to make up for the money lost. Some, like this cannot work and trouble boils up.
NHLiveFree Champion Author New Hampshire Posts:7,250 Points:1,174,285 Joined:Jun 2008	Message Posted: Sep 1, 2010 8:43:30 PM Ignore NHLiveFree Report Abuse Blimline must be an ENRON graduate. Send the ...... away for life and recover all his worldly possessions and assets.
PissedCanuck Champion Author Toronto Posts:5,145 Points:1,195,350 Joined:Nov 2006	Message Posted: Sep 1, 2010 8:41:06 PM Ignore PissedCanuck Report Abuse He would have probably gotten away with it too preying on people's greed.
Doc7696 All-Star Author Montana Posts:799 Points:267,810 Joined:Oct 2009	Message Posted: Sep 1, 2010 8:39:20 PM Ignore Doc7696 Report Abuse hmmmm
OGW Champion Author London Posts:3,357 Points:1,116,855 Joined:Sep 2005	Message Posted: Sep 1, 2010 8:38:00 PM Ignore OGW Report Abuse There are too many of these people around and they steal from the regular guy every day.
able2ru Champion Author Little Rock Posts:2,355 Points:622,320 Joined:Mar 2005	Message Posted: Sep 1, 2010 8:35:02 PM Ignore able2ru Report Abuse i would think that putting him on a raft in a pool of oil and then letting those he scammed light up the pool. good riddance, speculator.
lrb3298 Veteran Author Pennsylvania Posts:286 Points:578,445 Joined:Oct 2007	Message Posted: Sep 1, 2010 8:32:54 PM Ignore lrb3298 Report Abuse good
aldog365 Champion Author Nashville Posts:3,160 Points:1,561,660 Joined:Aug 2005	Message Posted: Sep 1, 2010 8:30:47 PM Ignore aldog365 Report Abuse Doesnt anyone oversee these people? This is amazing.
schatzila Champion Author Los Angeles Posts:2,728 Points:577,900 Joined:Jun 2010	Message Posted: Sep 1, 2010 8:30:07 PM Ignore schatzila Report Abuse Hope he's not just a scapegoat.
woody12345 Champion Author Massachusetts Posts:2,164 Points:511,710 Joined:Aug 2008	Message Posted: Sep 1, 2010 8:26:22 PM Ignore woody12345 Report Abuse I'd vote for hard labor
PAborn54 All-Star Author Milwaukee Posts:912 Points:580,640 Joined:May 2009	Message Posted: Sep 1, 2010 8:23:40 PM Ignore PAborn54 Report Abuse Justice is he got 20 years, but will he get sent to a real prison or a country club prison?
heysailor Champion Author Pittsburgh Posts:7,251 Points:1,871,135 Joined:Mar 2006	Message Posted: Sep 1, 2010 8:21:31 PM Ignore heysailor Report Abuse People were blinded by their greed
N5EXY Champion Author Austin Posts:3,215 Points:1,050,130 Joined:Jul 2004	Message Posted: Sep 1, 2010 8:21:17 PM Ignore N5EXY Report Abuse A sucker born every minute.
wildredbill Champion Author Wisconsin Posts:3,551 Points:515,495 Joined:Mar 2008	Message Posted: Sep 1, 2010 8:17:52 PM Ignore wildredbill Report Abuse Go straight to jail and stay there.