Maximum Sentence for Dallas Man in Alleged $7 Million Investment Scam
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.
The 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.
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