{"id":51988,"date":"2023-01-26T11:14:05","date_gmt":"2023-01-26T19:14:05","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=51988"},"modified":"2023-01-26T11:14:05","modified_gmt":"2023-01-26T19:14:05","slug":"former-energy-co-executive-sentenced-for-defrauding-investors-of-more-than-15-million","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=51988","title":{"rendered":"Former Energy Co. Executive Sentenced for Defrauding Investors of More Than $15 Million"},"content":{"rendered":"

\"\"A California man was sentenced Thursday to five years in prison for defrauding investors of more than $15 million in connection with a scheme to misappropriate investor funds for his personal use, officials stated.<\/span><\/p>\n

\n
\n
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Joey Stanton Dodson, 58, formerly of Indio, plead guilty in the federal court in California to one count of wire fraud on June 14, 2022.<\/span><\/p>\n

According to court documents, between November 2012 and May 2015, Dodson engaged in a scheme to defraud investors while serving as the executive chairman and managing partner of Citadel Energy (Citadel).<\/span><\/p>\n

\"\"Citadel purported to provide fluid-management services to oil and gas companies. <\/span><\/p>\n

In his role, officials stated Dodson was responsible for raising funds, controlling the bank accounts, and disseminating financial information to investors for three limited partnerships affiliated with Citadel. <\/span><\/p>\n

As part of the scheme, Dodson made materially false and misleading representations and omissions to prospective and existing investors about the intended use of investor funds, the status of a potential acquisition by a private-equity firm, and Dodson\u2019s own compensation.\u00a0<\/span><\/p>\n

\"brown<\/p>\n

After inducing victims to invest, Dodson pooled the funds from the limited partnerships and conducted multiple transfers between Citadel-related accounts to divert investor funds for his own benefit and to conceal his actions. <\/span><\/p>\n

In total, Dodson fraudulently raised over $15.6 million from more than 50 investors and misappropriated $1.3 million in investor funds, which he used to pay for his expenses and to repay earlier investors in unrelated entities known collectively as Duke Equity. <\/span><\/p>\n

After Dodson\u2019s misappropriation was discovered, the limited partnerships were placed into bankruptcy, and the investors suffered a total loss of their investments.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

The FBI San Francisco Field Office investigated the case.\u00a0<\/span><\/p>\n

Trial Attorney Theodore M. Kneller of the Criminal Division\u2019s Fraud Section and Assistant U.S. Attorneys Sarah Griswold and Marissa Harris for the Northern District of California prosecuted the case.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A California man was sentenced Thursday to five years in prison for defrauding investors of more than $15 million in connection with a scheme to misappropriate investor funds for his personal use,…<\/p>\n","protected":false},"author":1,"featured_media":51989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3255],"tags":[],"class_list":["post-51988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-federal-court"],"yoast_head":"\nFormer Energy Co. 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