William Risinger, owner of RHM Exploration based in Round Rock, Texas, was recently sentenced to 160 months in federal prison related to an oil and gas investment scheme that raised an estimated $4.5 million from investors. In addition to the prison term, U.S. District Judge Sam Sparks, the presiding judge in the Austin Division of the U.S. District Court for the Western District of Texas, ordered a money judgment against Risinger for over $3.7 million to be paid to his victims. Sparks also ordered that Risinger be placed on supervised release for a period of three years after completing his prison term.
The case focused on the key issue of whether Risinger was operating a Ponzi scheme, which typically involves a predatory money manager who promotes scam investments in order to bilk large amounts of money from unsuspecting investors.
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