OKLAHOMA CITY (CN) - Brian Fox and his company Powder River Petroleum International defrauded investors of $40 million in a Ponzi scheme, the State of Oklahoma claims in Oklahoma County Court.
Fox lives in Alberta, Canada. The Alberta Securities commission fined and enjoined him for a securities scam in 2000, Oklahoma says.
In this alleged scam, Fox promised investors 9% annual returns, the Oklahoma Department of Securities says.
Read the Top 8
Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.
Additional Reads
-
-
Feds Seize Millions From Couple Accused in Ponzi Scheme March 19, 2019
-
Wisconsin Bank Cleared of Role in Massive Ponzi Scheme January 10, 2019
-
SEC Says It’s Broken Up $102 Million Ponzi Scheme June 20, 2018