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    Two Arrested, Two Others Admit Role in $15Mln Oil Investment Fraud Scheme

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    Two men have been arrested after two others pled guilty for their involvement in a $15-million oil investment fraud scheme, the US Secret Service said in a statement on Friday.

    WASHINGTON, August 11 (Sputnik) — US Secret Service agents arrested Richard Paul Underwood of Fort Lauderdale, Florida and Colin Purcell of Simpsonville, Kentucky, following guilty pleas by David Greenlee of Sequin, Texas and David Stewart of Portland Kentucky.

    "A United States Secret Service investigation into an oil investment fraud scheme has led to two guilty pleas and two additional arrests," the statement said.

    The four men allegedly lured investors with false promises of high returns from an oil drilling investment opportunity.

    US Secret Service Savannah Resident-Agent-in-Charge Glen Kessler said a company’s use of national advertising or glossy brochures is not proof they offer legitimate investments.

    "If the subject or company pushing the investment is promising consistently high returns with little or no losses and you are being told overly complicated methods of how the investment works, that should raise a red flag for any investor," Kessler said.

    Underwood and Purcell are both charged with conspiracy to commit wire fraud and mail fraud, which carries a maximum sentence of 20 years imprisonment and a fine of up to $250,000.

    Greenlee and Stewart face up to five years in prison and a $250,000 fine for conspiracy to commit securities fraud, wire fraud, mail fraud and money laundering.

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    fraud, oil, Secret Service, United States
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