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Provident and Shale Royalties

Securities and Exchange Commission Accuses Provident Royalties, LLC of Running $485 Million Ponzi Scheme
Posted by: Jeffrey B. Kaplan
August 07, 2009

The United States Securities and Exchange Commission ("SEC") has charged Provident Royalties, LLC, Provident Asset Management LLC, and founders Brendan Coughlin, Paul Melbye, and Henry Harrison with securities fraud. The SEC claims that the limited partnership interests and preferred shares that the defendants sold in various Provident and Shale Royalties entities were part of a $485 million investment scam.

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