Fort Worth oil and gas company operator Billy Marcum, Jr. will have 17 years in prison to think about what he did to land there.
The 67-year old businessman, who pleaded guilty in December of last year to running a multi[-million dollar fraudulent scheme was sentenced last week. The judge also ordered him to pay more than $16 million in restitution.
Marcum was the owner of several oil and gas companies, including Navarro Minerals, Caddo I, Bluecreek Operating, Fullspike Energy, Viejo Services, and Viejo Exploration — solicited money from investors, telling them their funds would be used to purchase oil and gas leases and to pay for well oil repairs, according to plea papers. He also told investors that returns would be paid out of profits from the ensuing oil and gas sales.
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