Nicholas Mitsakos, of Lewisville, Texas, as President of Petromerica Resources, LLC, was found guilty on March 6, 2006 in the United States District Court, Eastern District of Texas, Sherman Division, Cause No. 4:05:CR-00003-001 of securities fraud, wire fraud, and 22 counts of mail fraud. Mitsakos was sentenced to 41 months imprisonment, and ordered to pay $332,561.14 to victims of his fraudulent investment scheme. Mitsakos sold interests in oil and gas projects, the majority of which were located in Texas, to investors located throughout the United States. He represented that investor funds would be used in specific oil and gas projects when in fact, only a portion of investors funds went to oil and gas projects and the majority of the funds were used for administrative and personal expenses.