William Allen Risinger of Round Rock was indicted in U.S. District Court in Austin on three counts of wire fraud and other charges for an alleged oil and gas scheme that raised $4.5 million from investors.
The indictment was handed down May 19 and unsealed June 3.
Risinger built his alleged fraud on the sale of investment programs whose revenue was purportedly derived from oil and gas wells. According to the indictment, Risinger consistently made false promises and material omissions in the oil and gas projects he promoted.
Risinger maintained an ongoing Ponzi scheme where payments to earlier investors were made with money from later investors and used some of the money he raised from investors to pay for his personal expenses and those of his family.
In one instance, according to the indictment, he continued to sell royalty interests in one field after the oil and gas well operator relinquished its lease.