Richard Waskom of McKinney, Texas pleaded guilty to one count of Sale of Unregistered Securities before Jefferson County, Alabama Circuit Court Judge Tommy Nail and was given probation for selling unregistered securities pertaining to a project to re-enter previously drilled oil wells.
Waskom was sentenced, under a plea deal with prosecutors, to five years imprisonment. The sentence was suspended, and Waskom was allowed to return to Texas for his probationary period. A condition on that probationary period was verification that Waskom had paid $28,350 restitution in full to the Alabama victim.
A Jefferson County Grand Jury had indicted Waskom in October 2011 on charges of violating Alabama securities laws. He was not, however, arrested until earlier this year.
It is unknown whether the project behind the investment Waskom sold to the victim even exists. But according to the indictment, Waskom had failed to disclose that the requested money would be used for non-investment purposes.
Waskom had approached the Alabama investor, soliciting money to facilitate the re-entering of previously drilled oil wells via NW Premont, a Sam Houston County, Texas company. After placing money with Waskom, the investor was given an investment contract, a security, in the oil well deal that ostensibly would guarantee a profit.
Alabama Securities Commission records showed that neither Waskom, nor the securities he offered and sold, were registered with the ASC as required by the Alabama Securities Act, according to the statement.
If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.