According to United States attorney John M. Bales' statement today, four executives from Provident Royalties, Inc. were charged guilty and sentenced due to allegations of investment fraud. The executives were previously accused of committing fraudulent acts involving multi-million dollaw oil and gas investments in the Eastern District in the state of Texas.
All four executives pleaded guilty in the trial. The names of the four executives were Brendan W. Coughlin, Henry D. Harrison, Paul R. Melbye, and W. Mark Miller.
Their charges were 'conspiracy to commit mail fraud.' Jail time were also imposed, ranging from 21 months for the first two executives mentioned, 18 months for Melbye, and 6 months for Miller.
A restitution fee was also imposed by the ruling amounting to $2.3 million.
According to the court documents, the Coughlin, Melbye, Harrieson and Joseph Blimline were the founders and top executives of Provident Royalties while Miller held the CFO position. An estimate of US$500,000 worth of investments was lost due to manipulation made by Blimline. He left the company years later but the other four failed to disclose the company's dire situation and continued to take in investments.
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