(SAVANAH, GA) A United States Secret Service investigation into an oil investment fraud scheme has led to two guilty pleas and two additional arrests.
A federal indictment was unsealed on Aug. 10, 2017, charging Richard Paul Underwood of Fort Lauderdale, Florida and Colin P. Purcell of Simpsonville, Kentucky, for their involvement in a $15 million oil investment fraud scheme.
The arrests of Underwood and Purcell by Agents of the Secret Service, follow the guilty pleas of David R. Greenlee of Sequin, Texas and David A. Stewart of Portland Kentucky. Greenlee and Stewart pled guilty earlier this month for their participation in the fraud scheme.
"There are two points in common with most investment schemes an exceptionally attractive rate of return and a great backstory on why the company or the return is so great," said Glen Kessler, Savannah Resident-Agent-in-Charge of the United States Secret Service.
"Use caution when approaching any investment. A companys use of national advertising or glossy brochures should not serve as proof that they are offering 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 added.
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.
Source: U.S. Secret Service