Feb 25
2011

Chad D. Taylor and Douglas L. Williams pleaded guilty on Feb. 25 to state charges stemming from their role in selling interests in non-existent oil and gas wells.

Williams, of Dover, Ark., pleaded guilty to money laundering in the 382nd District Court of Rockwall County and was sentenced to 10 years of probation, a fine of $5,000, and 30 days in jail as a condition of his probation.

Taylor, of Rowlett, Texas, pleaded guilty in the same court to the sale of unregistered securities and was sentenced to 10 years of deferred adjudication, a fine of $5,000, and 120 hours of community service.

Taylor and Williams sold interests in Black Lake Energy and Rockwall Oil and Gas, which defrauded investors by providing false statements about the viability of exploration projects and spent investors' money on expenses unrelated to drilling.