Stanley Jonathan Fortenberry, Fraud, Texas 2023

A former San Angelo, Texas, resident, Stanley Jonathan Fortenberry, 50, has pleaded guilty to running two fraudulent investment companies that defrauded investors out of approximately $900,000 over a four-year period.

According to court documents, Fortenberry ran an investment company called Premier Investment Fund (Premier), which raised funds from investors for social media projects run by another company with ties to the country music industry. Fortenberry misled investors about the profitability of the company and about the destination of the investors’ funds.

As part of his guilty plea, Fortenberry admitted that he diverted approximately half of investors’ funds into his own pocket and to pay the expenses of his fundraising operation. He also admitted to running Wattenberg Energy Partners (Wattenberg), which raised funds for oil and gas drilling projects in northern Colorado. Fortenberry set up the company in his son’s name because he was then under investigation by the Securities and Exchange Commission (SEC) for misusing the Premier investors’ funds.

Fortenberry used a network of salespeople to solicit individuals over the phone to invest in drilling projects. He spent the vast majority of the funds on himself and the company’s fundraising operation. In October 2014, at an administrative hearing with the SEC, Fortenberry falsely denied having control of or working for Wattenberg.

Fortenberry’s schemes resulted in a total loss of $887,311 to victims, and he now faces sentencing for his crimes. The FBI’s Dallas Office investigated the case, and the Securities and Exchange Commission provided substantial assistance.

The Fraud Section plays a pivotal role in the department’s fight against white-collar crime, and Fortenberry’s guilty plea is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF), which was created in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes.

With more than 20 federal agencies, 94 U.S. Attorneys’ offices, and state and local partners, it is the broadest coalition of law enforcement, investigatory, and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets; and conducting outreach to the public, victims, financial institutions, and other organizations.

Related Federal Cases