Oct 28

On October 28, 2002, ex-stockbroker Ronald J.Clifton was sentenced to 10 years in federal prison and ordered to repay investors over $6 million by United States District Judge W. Royal Furgeson.

Clifton defrauded Odessa area investors of over $6 million dollars in a Ponzi-scheme in which he offered investors high returns and safety of investment while using investor funds for personal purposes and repaying prior investors from new investor funds.

Clifton was convicted of securities fraud and conspiracy to commit securities fraud, wire fraud and mail fraud.

The scheme was investigated by the Texas Securities Board with the assistance of the FBI-Midland, the Ector County District Attorney and the Ector County Sheriff's Office. Assistant United States Attorney Dan Mills prosecuted the matter.