Oil Venture Fraudster Cuts Last-Second Deal With Feds

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Oil Venture Fraudster Cuts Last-Second Deal With Feds
Cameras are set up outside The United States District Court for the Eastern District of New York in Brooklyn, New York, U.S.,October 27, 2020. REUTERS/Brendan McDermid

In a sensational turn of events, a Texas man, Richard Sterritt Jr., 67, confronted with allegations of swindling investors out of a staggering $17 million, struck a dramatic, last-minute plea deal. This eleventh-hour decision came just as the curtains were set to rise on his trial in a Brooklyn federal court, where he faced accusations of masterminding a fraudulent oil and gas venture.

High Drama in the Courtroom: Guilty as Charged

As the jury settled into their seats, Sterritt, in a move as slick as the oil at the heart of his scheme, pled guilty to a litany of charges including conspiracy to defraud the United States, mail fraud conspiracy, securities fraud, and money laundering. This sudden capitulation speaks volumes of the relentless efforts of the U.S. Attorney for the Eastern District of New York, Breon Peace, and his team in pursuit of justice.

Oil Venture Fraudster Cuts Last-Second Deal With Feds : From Oil Riches to Rich Lies

Sterritt, also known by the alias Richard Richman, helmed Zona Energy Inc. and its affiliated entities. In a plot worthy of a Hollywood thriller, prosecutors unveiled how Sterritt and accomplices wove a deceitful narrative around March 2018, luring investors into buying securities in Zona.