A Fort Worth man was sentenced to six and a half years in prison, three years of supervised release and $4.6 million in restitution for an oil-and-gas Ponzi scheme, the U.S. attorney’s office said Thursday.
Jeffrey Watts, 41, of Fort Worth pled guilty in July to one count of wire fraud for conning 45 people out of about $5.8 million from 2011 to 2013, according to Star-Telegram archives.
Watts told investors that his company, Blue Alpha Energy, had invested in oil and gas wells owned by Arrowhead Productions, a legitimate, but unrelated, company in Fort Worth, according to a news release.
He led people to believe they were investing in oil and gas wells owned by Arrowhead.
U.S. District Judge Terry R. Means sentenced Watts to pay $4,636,643 in restitution, a news release said.
The case was part of a national effort by the Financial Fraud Enforcement Task Force created in 2009. — Monica S. Nagy