Richard W. McFarland Jr. of Uncertain, a small town near Caddo Lake in East Texas, was sentenced to 97 months in federal prison on Oct. 4 for selling interests in non-existent oil and gas wells to investors.
U.S. District Judge T. John Ward also ordered McFarland to $8,861,160 in restitution.
McFarland pleaded guilty to mail fraud on March 26 in U.S. District Court in Marshall. McFarland, who did business in Marshall as Delta Interest Inc., also sent investors statements with fictional production and sales figures.
McFarland raised about $30 million from more than 350 investors in approximately 25 states.
The case was investigated by the Texas State Securities Board and the FBI and prosecuted by the U.S. Attorney's office in the Eastern District of Texas.