Articles Posted in Provident Royalties

Paul R. Melbye, Provident Royalties’s CEO, has pleaded guilty to running a $485M Ponzi Scam that defrauded over 7,700 investors in the US. He faces up to 47 years behind bars. According to prosecutors, Melbye did not disclose material facts to investors and he issued materially false representations to get…

A judge has sentenced Joseph Blimline to 20 years in prison over his involvement in two complex, oil and gas Ponzi scams that took place in Texas and Michigan. The Dallas man, who was sentenced to two counts of conspiracy, was actually sentenced to 240 months behind bars for each…