A Dallas man could face up to 10 years in federal prison after pleading guilty to more than $27 million in fraud from various oil and water rights scams.
Dennis James Rogers II, 35, pleaded guilty to two counts of securities fraud Tuesday, court records show.
Rogers solicited $10 million from an investor to purchase fuel for his company, Oregon Mountain Trading Company, according to plea documents. Rogers instead diverted the funds to personal expenditures including a private jet service, a custom home builder, a law firm, and credit card companies.
He also solicited $4.1 million and $2.1 million from two separate investors and used the money to purchase real estate and other personal expenses.
According to plea documents, Rogers later obtained $11 million in investments for a purported water rights deal associated with a dairy farm in New Mexico, when in reality he had no relationship with the dairy farm and had no water rights contract.
KERA News reached out to Rogers' attorney for comment but did not receive an immediate response.
Both Rogers and his attorney, Daniel Hagood, signed the plea deal outlining the securities fraud instances that ranged from 2019 to 2022.
U.S. Attorney Leigha Simonton said in a statement that Rogers' guilty plea was a "step towards justice" for his victims.
“This defendant lined his own pockets at the expense of would-be investors, lying and cheating his way to a life of luxury,” Simonton said in the statement.
Rogers' sentencing hearing is set for Dec. 18 before U.S. District Judge Ed Kinkeade.
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