Jun 5
2002

On June 5, 2002, Ronald Jay Clifton of Odessa, Texas pled guilty to one count of conspiracy to commit securities, mail and wire fraud before United States Magistrate L. Stuart Platt. Mr. Clifton engaged in a scheme to defraud Odessa area investors of approximately $5.4 million. Mr. Clifton, operating through Ron Clifton Companies, Inc. and Ron Clifton Investment Associates, Inc., misrepresented facts to investors relating to the true nature and risk of their investment and failed to disclose that he was using investor funds for personal purposes and to perpetuate a Ponzi- scheme. Mr. Clifton was previously revoked as a registered securities agent when he refused to comply with information requests from the Securities Board regarding his investment scheme. Sentencing will occur September 4, 2002 at 1:15 p.m. before United States District Judge Royal Furgeson.