Former Midland Teacher Sentenced to Prison for Role in Ponzi Scheme
In a federal court in Midland, a local man received a 108-month prison sentence today for his involvement in a wire fraud conspiracy and aiding and abetting wire fraud.
According to court records, William Logsdon, 55, exploited the trust he had cultivated within the Midland community during his tenure as a lacrosse coach and teacher. He also utilized the trust he had established with certain family members to persuade them to participate in what he portrayed as an investment opportunity. Logsdon collaborated with his mother-in-law, Jamie Thompson, a former geologist in the oil and gas industry. Thompson had previously pleaded guilty and received a 60-month prison sentence, along with three years of supervised release.
Together, Logsdon and Thompson falsely represented to their victims that the funds they were investing would be used to acquire royalty interests in various oil, gas, and mineral projects located in Texas and New Mexico. Allegedly, these interests would be purchased through multiple entities, including one named the National Royalty Group (NRG). In reality, the National Royalty Group did not exist. Instead of buying royalty interests, Thompson and Logsdon primarily used the funds to cover personal expenses. They also sustained the Ponzi scheme by providing some “distributions” to previous “investors.”
In total, Logsdon and Thompson defrauded over 20 victims of more than $2.1 million, with Logsdon being responsible for a portion of those victims and losses. Both individuals have been jointly and severally ordered to pay restitution to their victims based on their respective responsibilities.
U.S. Attorney Jaime Esparza for the Western District of Texas stated, “The individuals behind this scheme displayed extreme greed and showed little regard for their victims, many of whom were friends, colleagues, and even family members. In doing so, they inflicted harm on the lives and livelihoods of those they claimed to care about. I want to express my gratitude to the Midland Police Department for their dedicated efforts in securing these convictions and assisting the victims in obtaining a measure of justice.”
The investigation into this case was conducted by the Midland Police Department.
