Provident Royalties Executives Pledge Guilty in Fraud Scheme

Posted on January 22nd, 2014 at 9:00 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Brendan W. Coughlin, 46, of Dallas and Henry D. Harrison, 47, of Dallas, who founded and controlled Provident Royalties, Inc. and W. Mark Miller, 59, of Plano, Texas, who served as its chief financial officer and later, as president, have pleaded guilty to an investment fraud scheme and have been ordered to pay $2.3 million in restitution.

Between Jan. 1, 2013 and Feb. 3, 2013, Coughlin and Harrison conspired with others to defraud investors throughout the United States. Specifically, Coughlin, Harrison, and other individuals made materially false representations and failed to disclose material facts to their investors in order to induce the investors into providing payments to Provident. Those included statements that funds invested would be used only for the project for which those funds were raised. In truth, funds from investors in later oil and gas projects were being used to pay individuals who invested in earlier oil and projects. Miller knew that the crime had occurred but failed to report it to the authorities and instead took affirmative action — authorizing the lulling payments to investors — to conceal the crime from discovery.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services. 

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

June 14, 2024
Wells Fargo Fires Employees for Faking Work

Wells Fargo & Co. recently terminated over a dozen employees following an investigation into allegations of fake work activities.

June 13, 2024
FINRA Struggles to Revise Outside Business Rules

The Financial Industry Regulatory Authority’s (FINRA) attempt to update its rules on advisors’ outside business activities has stalled, according to Robert Colby, FINRA's chief legal officer.

June 12, 2024
Tax Court Denies Madoff Victims $8.2 Million Deduction

Victims of Bernie Madoff's Ponzi scheme, Christopher and Silvana Pascucci, cannot claim an $8.2 million tax deduction for their investment in life insurance premiums.