Elderly Investors Continue to be Targets of Scams
The Texas State Securities Board issued a news release advising that Robbie Dale Walker from Dripping Springs, Texas has been indicted for operating an oil and gas scam targeting elderly investors. The indictment was issued on October 12, 2011 for one count of theft for over $200,000.
Walker conned one of his elderly victims to give him $100,000 two different times. In one case the elderly lady took out a loan secured by one of her certificates of deposit (CDs). All total she lost $216,273, including principal, bank fees and lost interest payments. The 93 year old from Hays County was guaranteed an annual return of 15% from the oil and gas investment on a North Dakota project. According to the release, there were three elderly victims involved in the scam which went on for nearly a year, between July 2009 and June 2010. It was stated in one of the affidavits that Walker was the son of one of the elderly lady’s best friends.
Robbie Dale Walker and his company, RD Walker Resources Incorporated, were not registered to sell securities and neither were the investment products. By law, the company and the sales people must be licensed to sell securities and the securities must be registered with the Texas State Securities Board.
As is typical in every con game, the investors’ money was taken and used to benefit the operator of the scam versus being invested in the alleged investment product. In this case, Walker went on a spending spree to Best Buy, Tiffany & Company and Louis Vuitton, as well as enrolling in an online dating service, match.com. The investigation revealed that none of the victims’ money was ever invested in any oil and gas development project.