4

James Roland Dial: When You Name Your Fake Company "Grifco," You're Not Even Trying

^
Keep Houston Press Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Houston and help keep the future of Houston Press free.

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.

"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.


Follow Hair Balls News on Facebook and on Twitter @HairBallsNews.

Keep the Houston Press Free... Since we started the Houston Press, it has been defined as the free, independent voice of Houston, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Houston with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the Press community and help support independent local journalism in Houston.

 

Join the Press community and help support independent local journalism in Houston.