New Yorker Convicted in Texas for Oil-Related Ponzi Fraud

Prosecutors in Texas say a New York City man faces up to 80 years in prison for running a $1.6 million crude oil futures Ponzi scheme.

Christopher Donrick Daley was convicted of wire fraud and three counts of mail fraud in what investigators say was a scam operating since 2010. Daley remains in custody pending sentencing in federal court in Houston.

Investigators say Daley, who was convicted Wednesday, falsely represented that investors would receive a return of at least 20 percent per month. The indictment says Daley paid returns to some investors with money received from other investors, plus he used the business funds for his own benefit.

Prosecutors are also seeking restitution.

Copyright AP - Associated Press
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