In Ponzi scheme, Keller man spent $11M on helicopter, Lamborghini, indictment alleges
The director of a Midland company spent about $11 million in investments intended to be used to purchase sand for fracking on personal expenses, employee salaries and false investment returns, federal law enforcement authorities allege.
A grand jury on Fed. 23 indicted Marco Perez, Jr. in U.S. District Court for the Western District of Texas in connection with what it alleged was a Ponzi scheme. Perez, who is known as Sully, is 41 and and lives in Keller, according to the U.S. Attorney’s Office in that district.
Among the property that law enforcement authorities allege Perez purchased in the scheme and that they seek to take under a criminal forfeiture statute is a 1992 Robinson R22 Beta helicopter; a 2008 Lamborghini Gallardo; a 2015 BMW i8 series coupe; a 2013 Rolls-Royce Ghost; a 2019 Ford F250; a 2021 Cadillac Escalade; 14 pieces of jewelry; currency and cryptocurrency.
Perez is the founder of Permian Basin Proppants, Inc. Perez used the company to underpin the scheme by soliciting investor money based on misrepresentations between 2017 and 2022, according to the indictment.
Perez’s investment offers were based on false and misleading promises, according to the indictment. He indicated to investors that their money would be used to purchase fracking sand at a discount and then be resold at a profit to fracking operations in and near the Permian Basin. Investors were promised that they would receive a return on their investment.
Perez rarely used the investment money to purchase fracking sand, according to the indictment.
The grand jury indicted Perez on 12 counts of wire fraud and six counts of engaging in monetary transactions in property derived from specified unlawful activity. He is in custody and scheduled for a detention hearing next week.
If he is convicted, Perez could be sentenced to as many as 20 years in prison on each of the wire fraud counts and as many as 10 years in prison on each of the money laundering counts.
This story was originally published March 1, 2022 at 7:45 PM.
