Wayne Anthony Rand, who orchestrated an extensive oil-and-gas scam, was sentenced to 20 years in state prison on Jan. 24 after pleading guilty to a felony charge of theft. Rand was sentenced in Rockwall County state district court.
Rand raised approximately $8 million from dozens of investors who thought they were putting money into energy exploration projects run by Rand's company, Rock Wall Oil Co., also known as Black Lake Energy Inc.
Rock Wall Oil Co. failed to drill nine of the 13 wells Rand touted to investors, according to court documents.
Rand or his wife used investors' money to make payments on their residence, to acquire property, and to buy luxury boats and automobiles, guns, and jewelry, among other personal expenditures.