Man sentenced for stealing nearly $500,000 from investors

Local News

WICHITA FALLS (KFDX/KJTL)—A Galveston Oilman who scammed victims out of thousands of dollars by putting investors money into his pockets instead of into the ground with oil wells is going to prison.

Daniel Christopher Walsh, 60, entered a confession and guilty plea to Money Laundering in 30th District Court and had two additional charges dismissed.

District Attorney John Gillespie assisted prosecutors from the State Securities Board and said this sends a strong message to those who prey on others desire to invest their savings to make more money. Daniel Walsh received an 18-year prison sentence under terms of the plea agreement, and two additional charges of theft and securing execution of a document by deception are dismissed.

Walsh was indicted in April of 2013 in Wichita County after the case was filed by then-District Attorney Maureen Shelton. The indictments alleged victims, including an Instructor Pilot at Sheppard, lost from $12,000 to $165,000 dollars each. Authorities said Walsh used investors money to pay his personal expenses including a $6,000-a month mortgage. Gillespie said this sentence sends a strong message to those who commit white-collar crimes.

“Yes, there was a lot of money stolen in his fraudulent scheme that had a deep financial impact on the victims, it was over half a million dollars. I very much appreciate the work of The Texas Security Board Prosecutors on this case serving as special prosecutors, by securing an 18-year sentence for this white-collar crime it shows that this office takes white-collar crime seriously and that white-collar crime means real-time,” Gillespie said.

The total amount stolen was $492,000 from 12 investors who purchased investments in oil wells that were supposed to be drilled in Eastern Galveston County.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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