Mar 10
2010
2010
A federal grand jury indicted Jeffrey Scott Rand of Houston on 25 counts of securities fraud and mail fraud in connection with the offer and sale of investments in oil and gas well projects in Texas.
The grand jury in the U.S. District Court for the Western District of Arkansas, Hot Springs Division, returned the indictment on March 5, 2008 and it was unsealed at Rand's arraignment on March 10, 2010.
The indictment alleges that Rand omitted material facts to mislead investors and convince them to invest in the projects; that Rand charged investors for expenses he never incurred; and that he did not have the right to drill on some of the properties he claimed he did. The Texas State Securities Board assisted in the investigation of the case.