Arizona man sentenced in $4.75M oil well investment scheme
PHOENIX – An Arizona man has been sentenced to five years in prison for bilking investors out of millions of dollars in an oil well scheme, authorities said Friday.
Robert Aguayo, 41, scammed $4.75 million from 48 victims in Arizona and six other states by misrepresenting the output of oil wells in Oklahoma, according to an Arizona Attorney General’s Office press release.
Investigators found that the wells were producing at levels lower than Aguayo said, or not at all, and that he was paying earlier investors with money from new investors.
Aguayo duped the investors through his business, IGot Oil Co, LLC, between January 2016 and February 2018.
The victims came from Arizona, California, Georgia, Idaho, Illinois, Massachusetts and Texas.
His prison sentence will be followed by seven years of supervised probation.
Special agents from Attorney General Mark Brnovich’s office conducted the investigation into Aguayo with U.S. Immigration and Customs Enforcement’s Homeland Security Investigation.