PLANO, Texas – U.S. Attorney Damien M. Diggs announced that the Eastern District of Texas convicted a Murphy man of federal violations.
Sameer Praveen Sethi, 42, was convicted of seven counts of wire fraud and one count of money laundering by a jury on December 10, 2024, following a week-long trial before U.S. District Judge Sean D. Jordan.
According to information presented in court, Sethi engaged in a fraud scheme targeting investors of oil and gas joint ventures over several years. Evidence presented at trial showed that Sethi would create a joint venture, prepare investment documents with his staff, have his sales staff market the investments, and then the money raised from investors would be spent almost entirely on personal and business expenses. Evidence showed the investment documents contained significant misrepresentations and false statements. Although Sethi raised over $4 million throughout the joint ventures, investors received almost no returns…