March 22, 2024

A Texas man allegedly raised at least $9.25 million as part of a Ponzi scheme and spent investor funds on a Maserati, a helicopter, and his wedding, the SEC alleges in federal court in the state.

Marco “Sully” Perez said he would use investments in Permian Basin Proppants Inc. to buy sand for hydraulic fracturing and resell it at a premium to oil and gas firms, but his company is actually a “sham enterprise that has had no material proppant supply operations,” the Securities and Exchange Commission says in the U.S. District Court for the Western District of Texas.

Perez …

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