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Published: August 15, 2008
Local energy company involved in Ponzi scheme
A Tulsa oil and gas company has operated as little more than a publicly traded Ponzi scheme, according to a report by the securities attorney appointed as receiver of the company's assets.
Powder River Petroleum International Inc. paid $4.4 million to investors last year, but $3.3 million of that amount came from subsequent investors, Oklahoma City attorney Bruce Day wrote in his report to shareholders.
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