Round Rock Man Sentenced To Federal Prison For Ponzi Scheme

ROUND ROCK, TX -- A local man was sentenced to more than 13 years behind bars in federal prison related to a multimillion-dollar Ponzi scheme, the U.S. Department of Justice announced Friday.

William Risinger, owner of RHM Exploration, LLC, was sentenced to 160 months in prison and ordered to pay more than $3.7 million to victims of his financial fraud. Additionally, he'll be on supervised release for three years after his prison term comes to an end.

Risinger pleaded guilty in January to a count of wire fraud and another count of money laundering. Justice Deparmtent officials said Risinger admitted to stealing money from investors under false pretenses of oil, gas and mineral ventures between November 2010 and June 2014 in a $4.5 million Ponzi scheme.

Officials said Risinger was arrested earlier this year for violating terms of his bond by visiting Las Vegas -- where he lost about $500,000 of investors' money by gambling.

“Today's sentencing of William Risinger should sound an alarm to those looking to invest their hard-earned income,” William Cotter, IRS Criminal Investigation Special Agent in Charge, San Antonio Field Office, said in a prepared statement.

Cotter then made reference to Risinger's fake oil and gas ventures: “Risinger drilled all right – right into the pockets of unsuspecting individuals who trusted him with their monies because, apparently, Risinger’s favorite partnership was with local casinos.”