Sameer Praveen Sethi, 42, of Murphy, Texas, was convicted on December 10, 2024, of seven counts of wire fraud and one count of money laundering in the Eastern District of Texas, announced U.S. Attorney Damien M. Diggs.
Following a week-long trial before U.S. District Judge Sean D. Jordan, evidence presented revealed Sethi orchestrated a fraudulent scheme targeting investors in oil and gas joint ventures. Sethi and his staff created joint ventures, prepared investment documents, and marketed them through sales staff. However, the funds raised—totaling over $4 million—were used almost entirely for Sethi's personal and business expenses, with investors receiving little to no returns.
The investment documents were shown to include significant false statements and misrepresentations.
“This case demonstrates our commitment to pursuing white-collar crime that harms victims in Texas and beyond,” said U.S. Attorney Diggs. “The investors in this case were deceived into contributing their hard-earned money to a fraudulent scheme while the defendant lived lavishly.”
Sethi faces up to 20 years in federal prison at sentencing. A date will be set following a presentence investigation conducted by the U.S. Probation Office.
The case was investigated by the Internal Revenue Service-Criminal Investigation, the Texas State Securities Board, and the FBI.
