William Anthony "Tony" Rand and two of his sons – Gregory K. Rand and William N. Rand – were sentenced on July 27 to federal prison terms for defrauding investors in an oil and gas scheme.
In U.S. District Court in Dallas, Tony Rand was sentenced to 5 years, 5 months; Gregory Rand and William Rand were sentenced to 18 years and 14 years, respectively.
The three men were principals in Dallas-based Aspen Exploration Inc., which sold interests in fraudulent oil-and-gas programs to investors across the United States.
The Rands were ordered to pay $99.7 million in restitution to investors.
The State Securities Board in 2009 entered an Emergency Cease and Desist Order against Aspen, three members of the Rand family and another Aspen principal Petersen for engaging in fraud, failing to disclose previous lawsuits and court judgments, and making misleading statements to deceive the public.