60 percentof investors' first payments kept by a California oil and gas boiler room
A California boiler room told investors gas wells were acquired and producing when none had been; it kept 60 percent of their money, and its owner got 63 months.
More than 200 victims invested more than $5.7 million, and over $2.9 million never went to drilling.
Source: U.S. Attorney's Office, Central District of California. Read more: oil and gas investment fraud · case file