Colleyville (WBAP/KLIF News) – A Colleyville businessman is in federal custody on accusations that he ran an oil and gas Ponzi scheme. Investigators said 77-year-old James Vanblaricum allegedly bilked 53 investors of more than $2.6 million. U.S Postal inspectors arrested him on a charge of mail fraud last week.
Federal agents began investigating Vanblaricum after they were contacted by the states securities board, who reportedly received numerous complaints about his business practices. The board said the complaints were in reference to programs Vanblaricum’s company, Signal Oil and Gas, was pushing and misrepresentations by employees.
Federal agents said that more than half the money Vanblaricum brought was used for employee payroll and day trading. If convicted, Vanblaricum faces up to 20 years in prison and a $250 thousand fine. He is scheduled to appear in court for a detention hearing on Tuesday.
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