Two people charged in Midland ponzi scheme

Two arrested in Midland Ponzi scheme
Published: Nov. 4, 2022 at 8:32 AM CDT
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MIDLAND, Texas (KOSA) - Two people involved in an oil and gas royalties Ponzi scheme have been arrested and charged with multiple felonies after a months-long investigation.

Jamie Thompson and William Logsdon are accused of selling oil and gas leases from a fake company called National Royalty Group, bilking dozens of investors out of nearly $1 million.

Thompson and Logsdon were arrested on Oct. 28 and charged with five counts of conspiracy to commit wire fraud. Thompson also faces three additional charges of wire fraud.

All of these charges are felonies.

Many of the victims met Logsdon and Thompson through a traveling youth lacrosse program, which no longer exists.

Both Thompson and Logsdon have pleaded not guilty.

The Western District Court of Texas has confirmed that the trial for both defendants is scheduled to start on Jan. 3.

We’ll be sure to keep you updated about the case as more information becomes available.