Midland Lacrosse coach will spend nine years in prison for Ponzi scheme
MIDLAND, Texas (KOSA) - William Logsdon, 55, was sentenced to nine years in prison for conspiracy to commit wire fraud and aiding and abetting wire fraud.
Logsdon was a lacrosse coach and teacher in the Midland area who was arrested in October 2022 for a Ponzi scheme.
Multiple members of Logsdon’s own family and other community members were convinced to invest in the fraud.
Logsdon’s mother-in-law, Jamie Thompson, had previously pled guilty and was sentenced to 60 months in prison and three years of supervised release.
Together, Thompson and Logsdon told their victims that the money they were “investing” was being used to purchase royalty interests for various oil, gas, and mineral projects located in Texas and New Mexico.
The royalty interests were allegedly being purchased through various entities, including an entity called the National Royalty Group, or NRG.
In actuality, the National Royalty Group did not exist, and rather than purchasing royalty interests, Thompson and Logsdon used the money to primarily pay for personal expenses, as well as to advance the Ponzi scheme by providing some “distributions” back to earlier “investors.”
Between them, Logsdon and Thompson defrauded more than 20 victims out of more than $2.1 million, with Logsdon being responsible for most of those victims and losses.
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