Houston businessman James Roland Dial was sentenced to five years in prison this morning for defrauding investors who put money in his oilfield business named "Grifco."
Grifco? Hasn't anyone heard the term grifter? Or seen the movie?
Dial, 56, admitted that he and a partner had issued press releases containing lies about Grifco's revenue and income and then sold stock at inflated prices.
The stock was worthless...despite what A PRESS RELEASE said. We may never trust another.
Unfortunately, a lot of people sunk money into Grifco, prosecutors said.
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"Approximately 300 investors who had purchased Grifco stock submitted impact statements to the court for consideration at Dial's sentencing today," the U.S. Attorney's Office said. "Several victims noted they had lost their life savings because of the fraud."
A hearing will determine how much restitution Dial will have to come up with.