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Texas Man Headed To Prison In $18 Million Oil And Gas Fraud
A Texas man is headed to prison after pleading guilty to charges in a scheme that authorities say bilked oil and gas investors out of nearly $18 million.
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PLANO (March 15, 2010)—Eugene Dannelly of Denton has been sentenced to 17½ years in prison and ordered to repay nearly $18 million after earlier pleading guilty to fraud in an oil and natural gas drilling scheme.
U.S. Attorney John M. Bales said Monday that Dannelly, 50, was sentenced in federal court last week on a charge of mail fraud.
Authorities allege that Dannelly bilked investors out of nearly $17.7 million that they thought was being used to drill oil and natural gas wells in Texas and Oklahoma.
Instead, authorities said, Dannelly used the money mostly for personal expenses, including $5.3 million on gambling at two Louisiana casinos.
Dannelly pleaded guilty in August, four months after he was indicted.
Latest Comments
Posted by: Hank
Location: Hewitt
on Mar 15, 2010 at 06:10 PM
HANG HIM !!!!!!!!!!!!!!
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