Alan Todd May, of Dallas, recently received a 20-year sentence for his
involvement in an alleged investment scam. The 20-year sentence is the
maximum sentence available for mail fraud. May pleaded guilty to mail
fraud in the case in December 2010. Although restitution is expected to
be ordered in the case, it has not yet been decided.
May, 46, had formerly been the president of Prosper Oil & Gas, Inc.,
which has now been placed into receivership. According to prosecutors,
May took in cash from investors and told at least some of those investors
that their investments could net them returns of 25% or better. Unfortunately,
it is alleged that May instead used investors' cash to find his own
luxury spending and payments to his relatives. It has been reported that
at least 170 investors were drawn into the investment scam, and the investment
fraud took in an alleged $7 million.
investment fraud attorneys with Meyer Wilson represent the victims of stock scams,
Ponzi schemes, securities fraud, and broker misconduct nationwide in
stockbroker mediation, arbitration, and litigation. If you have suffered investment losses due
to investment fraud, don't hesitate to speak with one of our expert
FINRA lawyers today at (888) 390-6491. We'd be happy to speak with
you about your situation, rights, and options in a completely free consultation.
You can also learn more about protecting yourself and your family from
investment fraud and stockbroker misconduct by requesting your FREE copy
of David P. Meyer's must-read book Five Signs of Investment Fraud
...And What to Do if it's Happened to You.