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DALLAS—A 45-year-old man has pleaded guilty to one count of mail fraud, acknowledging that he raised about $7 million in investor funds under false pretenses.
U.S. Attorney James T. Jacks said Alan Todd May, arrested in San Francisco in June, faces a maximum sentence of 20 years in prison and a $250,000 fine. May is scheduled to be sentenced March 31.
May formed Prosper Oil & Gas Inc. Prosper claimed to own and operate oil and gas leases in Texas, Oklahoma, Colorado and Arkansas. According to court documents, May ran a scheme from July 2008 until May of this year to obtain about $7 million from investors to purchase royalty interests in oil and gas leases.
Prosper sold purported royalty interests to more than 170 investors.
