A Waco man who pleaded guilty last month to federal wire fraud charges in a $14 million Ponzi scheme involving oil and gas investments still faces a civil suit Waco’s 414th State District Court.
Jay Taylor II pleaded guilty Nov. 30 in a federal district court in Fort Worth in a scheme that involved defrauding more than 70 investors who lost more than $3.5 million.
A sentencing hearing is scheduled for March 30, and Taylor faces up to 20 years in prison, a fine up to $250,000, and potential forfeitures and restitution.
“As part of a scheme to defraud, (he) falsely represented to investors that their return on investment would paid from oil and gas sales revenue on the refurbished leases, that he would receive approximately 20 percent in commissions from oil sales profits and that he and B.M. would not receive any compensation from the lease acquisitions until the investors fully recouped their investments,” documents related to the plea state.
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The federal court documents do not name “B.M.” Taylor has a co-defendant, Bill Marcum Jr., of Stephenville, in the civil suit filed in Waco.
Most of the leases pitched to investors generated no revenue, according to federal…
