Meyer Wilson | Investor Claims In the News
Dallas Man Pleads Guilty in Multi-Million Dollar Investment Scheme
Posted on Sep 25, 2010
Joseph Blimline, 35, of Dallas, has pleaded guilty for his connection to an investment scheme involving over $485 million. The investment scam included as many as 7,700 investors from around the United States.
Mr. Blimline pleaded guilty to conspiring to defraud investors in the Eastern District of Texas. He also pleaded guilty to defrauding investors in a second oil and gas scam. The second scheme, based in Michigan, involved over $50 million.
According to court documents, the fraudulent scam began in September 2006 when Mr. Blimline, along with other conspirators, made false representations and did not disclose material facts to investors they were soliciting. Mr. Blimline operated the investment scam as a representative of Provident Royalties, in which he was actually a control person for the group.
Among other material facts that Mr. Blimline failed to disclose, was that he received millions of dollars of unsecured loans and that he used funds he collected from investors in one project to pay investors from a previous project.
“Victims from across the country relied upon the representations made in the scheme before investing their hard-earned money into what they believed to be a vibrant opportunity,” said U.S. Attorney John M. Bales.
If convicted, Mr. Blimline could face 20 years in prison for each of the two conspiracy charges.
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