Date: Dec. 10, 2024 Contact: newsroom@ci.irs.gov Plano, TX — A Murphy man has been convicted of federal violations in the Eastern District of Texas, announced U.S. Attorney Damien M. Diggs. Sameer Praveen Sethi, was convicted of seven counts of wire fraud and one count of money laundering by a jury following a week-long trial before U.S. District Judge Sean D. Jordan on December 10, 2024. According to information presented in court, over several years, Sethi engaged in fraud scheme targeting investors of oil and gas joint ventures. Evidence presented at trial showed that Sethi would create a joint venture, prepare investment documents along 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 over $4 million was raised over the course of the joint ventures, investors received almost no returns. "The United States Attorney's Office will continue to lead investigations into oil and gas investment schemes and other types of white collar crime that cause real harm to victims in Texas and around the nation,” said U.S. Attorney Damien M. Diggs. “The investors in this case were misled into providing their hard-earned money to a scheme that collapsed as the defendant was living well off of the money brought in by his joint ventures.” Sethi faces up to 20 years in federal prison at sentencing. The maximum statutory sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office. This case was investigated by the Internal Revenue Service Criminal Investigation (IRS-CI), Texas State Securities Board, and the FBI. IRS-CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. IRS-CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a more than a 90 percent federal conviction rate. The agency has 20 field offices located across the U.S. and 12 attaché posts abroad.
