Dean Lee Elliott

Jul 22

Dean Lee Elliott, of Dallas, Texas, was charged with engaging in fraud in connection with the sale of securities in Cause No. 219-81596-08 in an indictment handed down by a Collin County Grand Jury on July 22, 2008. The indictment alleges Elliott sold working interests to the public in oil and gas well projects and oil and gas leases from 2002 through December 2004. It further alleges the defendant engaged in fraud by failing to disclose that the funds contributed by investors was used to make revenue payments to working interest owners and that funds contributed by previous investors had been used for unrelated purposes.