PLANO, Texas – The grimy halls of justice were once again filled with the scent of betrayal as Sameer Praveen Sethi, a 42-year-old Murphy man, was sentenced to federal prison for an oil and gas fraud scheme that bilked investors out of over $4 million. Acting U.S. Attorney Jay R. Combs announced the sentence.
Sethi, who was convicted of seven counts of wire fraud and one count of money laundering by a jury on December 10, 2024, has been sentenced to 151 months in federal prison. The sentence, handed down by U.S. District Judge Sean D. Jordan on August 28, 2025, is the culmination of years of tireless investigation.
According to court documents, Sethi orchestrated a fraudulent scheme targeting investors in oil and gas joint ventures. He would concoct a joint venture, prepare investment documents, and then have his sales staff peddle the investments. But where the money went was almost entirely into personal and business expenses, rather than into the ventures as promised.
Evidence presented during the trial revealed that Sethi’s investment documents were riddled with misrepresentations and false statements. Despite raising over $4 million through these joint ventures, investors received almost nothing in return.
“The sentence handed down by Judge Jordan is a testament to the serious nature of Sameer Sethi’s crimes,” Acting U.S. Attorney Combs stated. “We will continue to work with our partners at IRS-Criminal Investigation and the FBI to bring justice to victims of investor fraud.”
This case was a collaborative effort between the Internal Revenue Service-Criminal Investigation, Texas State Securities Board, and the FBI, showcasing the commitment of law enforcement agencies to protect investors and the integrity of financial markets.
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Key Facts
- State: Texas
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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