Colleyville Businessman Arrested For Running Ponzi Oil And Gas Fraud Scheme
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COLLEYVILLE (KRLD) - A Colleyville businessman, who operated an oil and gas exploration company, was arrested Wednesday by U.S. Postal Inspectors on a federal criminal complaint charging him with mail fraud, announced U.S. Attorney John Parker of the Northern District of Texas.
James VanBlaricum, 77, appeared in federal court Thursday before U.S. Magistrate Judge Hal R. Ray, who ordered that he remain in custody pending a detention hearing set for Tuesday, August 23.
VanBlaricum is accused of defrauding 53 victims, who had invested $2,633,090 million in his Signal Oil and Gas Company.
He faces 20 years in federal prison and a $250,000 fine.
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