North Texas Man Gets 20 Years For Stealing Investors’ Money

The Texas Securities Board announced in a release that Wayne Anthony Rand of Rockwall, TX was sent to prison for 20 years after pleading guilty to an extensive oil and gas exploration investment scam. According to the release, the Securities Commissioner Denise Voigt Crawford said that Mr. Rand used millions of dollars of investors’ money to purchase a $346,418 speedboat, more than $70,000 in firearms, jewelry and a house, among many other things for personal use. Ms. Crawford elaborated further that “oil and gas ventures are inherently speculative and they tend to be unsuitable investments for traditional, smaller investors who can’t afford the risk.”

Rand raised some $8 million from a dozen or so investors who thought they were investing in energy exploration projects run by his company, Rock Wall Oil Company a/k/a Black Lake Energy Incorporated. After the hearing in the 382nd District Court in Rockwall, County, he was taken into custody

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