MIDLAND, Texas — A Federal Jury in Midland have convicted 54-year-old William Logsdon of Midland for five counts related to Wire Fraud.
Logsdon was convicted of one count of Conspiracy to Commit Wire Fraud and four counts of Aiding and Abetting Wire Fraud. According to the court documents, Logsdon was able to build bonds with community members through his work as a lacrosse coach and teacher in Midland. Not only did he convince community members, but also was able to convince his own family members to invest in a Ponzi scheme.
Logsdon was running the scheme alongside his mother-in-law Jamie Thompson who had previously pled guilty. Thompson and Logsdon told community members that the money would be used to purchase royalty interests for various oil, has and mineral project in Texas and New Mexico.
They told people the royal interests were going to an entity called the National Royalty Group or NRG, but in reality, NRG did not exist and instead, the money was going into the pockets of Thompson and Logsdon for personal use. They also used some of the money to pay back early investors in order to keep the Ponzi Scheme going.
Logsdon and Thompson are believed to have defrauded these victims out of more than $1.5 Million.
We will continue to update this story as we receive more information.