Texas Man Charged in $900,000 Investment Scheme

Texan Accused of Defrauding Investors out of $900,000

Stanley Jonathan Fortenberry, 50, of San Angelo, Texas, has been charged with three counts of mail fraud, two counts of wire fraud and one count of obstructing an official proceeding in connection with two investment companies that allegedly defrauded investors.

Fortenberry was arrested this morning and made his initial appearance in court this afternoon.

According to the indictment, Fortenberry ran Wattenberg Energy Partners from 2013 to 2014, raising funds for oil and gas drilling projects in northern Colorado. The company was set up in his son’s name due to previous orders from Texas and Pennsylvania state securities regulators to not sell unregistered securities in oil drilling projects.

Fortenberry allegedly used a network of salespeople to solicit individuals to invest in drilling projects, but instead of using the funds for drilling projects, he spent the majority of the funds on himself and the company’s fundraising operation.

The indictment also alleges that Fortenberry misled investors into believing that Wattenberg had control over the drilling projects, when in reality, it was just a fundraising operation.

Fortenberry also allegedly ran a separate scheme through Premier Investment Fund from 2010 to 2012, raising funds from investors for social media projects run by another company connected to the country music industry.

The indictment alleges that Fortenberry misrepresented to investors the profitability of the company and how he would be compensated. Despite earning no profits, Fortenberry spent approximately half of the funds raised on himself.

The charges in the indictment are merely accusations, and Fortenberry is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

The FBI’s Dallas Office investigated the case, and Trial Attorney William E. Johnston of the Criminal Division’s Fraud Section, along with Assistant U.S. Attorney Sean Long of the Northern District of Texas, are prosecuting the case. The SEC has provided assistance in this matter.