June 1, 2015-Houston, Texas
Brian J. Polito of Allen, Texas, pled guilty to mail fraud in connection with the sale of interests in 12 wells owned by EOG Resources, Inc. through his company, GC Resources, LLC. According to prosecutors, Polito had not rights to the interests he sold, resulting in losses of about $12 million to the duped investors.
According to prosecutors, Polito used the money he raised to buy 76 luxury cars (Rolls Royce, Lamborghinis, Porsches, Ferraris, BMWs, etc) and $1 million worth of watches.
The case is U.S. v. Polito, case number 3:15-cr-00124, in the U.S. District Court for the Northern District of Texas. Facing up to 20 years in prison, Polito entered into a plea agreement with the prosecution limiting his sentence to a maximum of 96 months, subject to court approval.
Link to SEC case against Poito.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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