William Risinger, Ponzi Scheme, Texas 2016

In a devastating blow to investors, William Risinger, owner of RHM Exploration, LLC, was sentenced to 160 months in federal prison in Austin, Texas, for his role in a brazen Ponzi scheme that bilked unsuspecting individuals out of an estimated $4.5 million.

The 44-year-old Risinger pleaded guilty to one count of wire fraud and one count of money laundering in January 2016 and admitted to stealing money from investors based on three fraudulent oil, gas and mineral venture schemes from November 2010 to June 2014.

Risinger used the proceeds of his scheme for his own personal use or as ‘lulling’ payments in order to convince investors that the joint venture they invested in was operating as promised.

United States District Judge Sam Sparks also ordered a money judgment against Risinger for $3,722,975.54 to be paid to his victims and placed him on supervised release for a period of three years after completing his prison term.

Risinger, who was on bond pending sentencing in this case, was arrested on April 25, 2016, for violating terms of his bond by traveling to Las Vegas. Testimony during today’s sentencing hearing revealed that Risinger lost an estimated $500,000 while gambling in Las Vegas between November 2015 and February 2016.

Risinger is in federal custody. The case is the result of a joint investigation conducted by the FBI, IRS-Criminal Investigation, and the Texas State Securities Board. Assistant United States Attorney Dan Guess prosecuted this case on behalf of the Government.

‘Today’s sentencing of William Risinger should sound an alarm to those looking to invest their hard-earned income,’ said William Cotter, IRS Criminal Investigation Special Agent in Charge, San Antonio Field Office. ‘Risinger drilled all right – right into the pockets of unsuspecting individuals who trusted him with their monies because, apparently, Risinger’s favorite partnership was with local casinos.’

Source: https://www.justice.gov/usao-wdtx/pr/round-rock-man-sentenced-federal-prison-connection-estimated-45-million-ponzi-scheme