Midland business owner sentenced in a Ponzi Scheme
Marco Perez, Jr. was the founder and director of Permian Basin Proppants, Inc.
ODESSA, Texas (KOSA) - A Keller man who owned a Midland Oilfield company, was sentenced to 14 years in prison and must pay $14 million in restitution for a Ponzi scheme.
Marco Perez, Jr, who also went by Sully Perez was the founder and director of Permian Basin Proppants, Incorporated, which was headquartered in Midland.
The U-S Attorney’s Office says Perez claimed to sell proppants, such as sand for fracking.
In court documents, they say Perez used the company to create a Ponzi scheme to solicit investor money, which they say he used for his personal benefit.
They say he bought property, vacations, a lavish wedding, luxury vehicles and even a helicopter.
He was sentenced on Thursday
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