U.S. Indicts Provident Founders for Mail Fraud

Two founders of Provident Royalties LLC, Brendan Coughlin and Henry Harrison, were indicted last week on multiple counts of mail fraud.  From 2006-09, firms sold Provident oil and gas deals promising 18% returns  to over 7500 investors for a total of $485 million.  The SEC settled civil charges earlier this year, and FINRA suspended from the industry Coughlin and Harrison for two years.  Inv News, Provident Royalties founders indicted in $485M private placement fraud case