HOT SPRINGS, Ark. (AP) - A former Hot Springs man accused of defrauding investors out of more than $7.9 million has been sentenced to 57 months in prison.
U.S. District Judge Robert Dawson also on Monday sentenced Jeffrey Rand to three years of supervised release and ordered him to pay more than $7.9 million in restitution to 138 victims.
Prosecutors allege Rand was owner and president of Wave Energy Corp. when he fraudulently solicited and sold interest in gas projects in Texas, including the North Monte Christo Morris No. 1 Well project in Hidago County.
Authorities also alleged Rand falsely represented Wave Energy's ownership interest in numerous gas wells in order to fraudulently obtain investor funds.
An attorney listed for Rand didn't immediately return a phone call after hours seeking comment.
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