Bogus Oil Man Gets 57 Months

     HOT SPRINGS, Ark. (CN) – An Arkansas man was sentenced to 57 months in prison for selling oil and gas investments in Texas projects he did not own, federal prosecutors said.
     Jeffrey Scott Rand, 51, of Hot Springs, also was ordered to pay $7.92 million in restitution.
     As president of Wave Energy Corp., Rand ripped off 138 investors by selling investments in the North Monte Christo Morris No. 1 Well project in Hidalgo County, Texas, though he owned no interest in the well, the U.S. attorney said in a statement.
     The sentencing judge took into consideration fraudulent schemes involving the Rancho Blanco Well No. 2, Rancho Blanco Well No. 3, Rancho Blanco Well No. 4 and Rancho Blanco No. 1 redrilling projects.
     Wave Energy operated out of Hot Springs from 2001 to 2004.

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