Colleyville businessman pleads guilty to mail fraud in Ponzi scheme

A Colleyville businessman pleaded guilty to one count of mail fraud Wednesday stemming from an oil and gas fraud scheme that bilked investors of more than $2.6 million.

James E. VanBlaricum, 77, who operated Signal Oil and Gas Co. and Texas Energy Management, which later became Texas Energy Mutual, entered his plea Wednesday morning in a federal courtroom.

VanBlaricum, who has been in custody since his arrest in August, will be sentenced June 13.

The Colleyville businessman faces a maximum of 20 years in prison and a $250,000 fine, according to federal agents.

The Colleyville businessman created Signal Oil and Gas Co. in 2000, and initially had an office on Airport Freeway in Fort Worth. In 2004, the company also began receiving mail at a Northwest Highway address in Grapevine, according to federal court documents.

Federal agents began an investigation after they were contacted by officials with the Texas State Securities Board. The state organization had received complaints about VanBlaricum related to various programs he promoted and misrepresentations made to them by SOG salespeople. One of the main complaints was lack of investment payments, federal agents said.

In the federal investigation, authorities determined that 53 investors were victims of mail fraud and were bilked out of $2,633,090.

This story was originally published February 15, 2017 at 3:06 PM with the headline "Colleyville businessman pleads guilty to mail fraud in Ponzi scheme."