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Dallas Man Receives Prison Sentence for Operating a Ponzi Scheme with Michigan Victims

A Dallas man was recently sentenced to 240 months in federal prison on connection with a Ponzi scheme he started in Michigan and moved to Texas.

According to the FBI Press Release, Joseph Blimline started his scheme in Michigan in 2003 and operated in the state until December of 2005. As part of the operation Blimline promised investors that they would receive inflated rates of return in order to secure growing amounts to funding for his operation. He was able to secure $28 Million from victims before the operation failed.

After the collapse of the operation in Michigan, he moved the scheme to Dallas where he conducted business as Provident Royalties. That part of his operation collapsed in 2009 after he had taken nearly $400 Million from over 7000 investors.

There are always crooks like Blimline standing at the ready to attack victims with fraudulent investment schemes. It is important for investors to carefully examine the background and investment history of anyone that approaches them with investment ideas or plans. The lawyers at Penzien & McBride, PLLC are always ready to assist investors with due diligence regarding the investment individuals or evaluating situations where an investor believes that they may have lost money. Contact us today if you believe that you have been the victim of bad investment advice or an investment scheme at (586) 690-4400.