James Roland Dial: When You Name Your Fake Company "Grifco," You're Not Even Trying

Categories: Courts, Crime

grifters052212.jpg
What should we name our fraudulent company?
Houston businessman James Roland Dial was sentenced to five years in prison this morning for defrauding investors who put money in his oilfield business named "Grifco."

Grifco? Hasn't anyone heard the term grifter? Or seen the movie?

Dial, 56, admitted that he and a partner had issued press releases containing lies about Grifco's revenue and income and then sold stock at inflated prices.

The stock was worthless...despite what A PRESS RELEASE said. We may never trust another.

Unfortunately, a lot of people sunk money into Grifco, prosecutors said.

"Approximately 300 investors who had purchased Grifco stock submitted impact statements to the court for consideration at Dial's sentencing today," the U.S. Attorney's Office said. "Several victims noted they had lost their life savings because of the fraud."

A hearing will determine how much restitution Dial will have to come up with.


Follow Hair Balls News on Facebook and on Twitter @HairBallsNews.

Location Info

Venue

Map

United States Courthouse

515 Rusk St., Houston, TX

Category: General

Tags:

Fraud
My Voice Nation Help
3 comments
Sort: Newest | Oldest
TK
TK

Oh come on, 300 people were THIS stupid?  

WM
WM

Yes all 300 were defrauded.  That is a lot isn't it.  Must have been well designed and carried out by many.  I don't think you need to be stupid to be defrauded, just good.

Rickey Glen Erwin
Rickey Glen Erwin

Who was good at this fraud? It certainly wasn't the guys that are going to prison.

Now Trending

From the Vault

 

Loading...