O.E.I. v. Ragland
This was a Federal securities fraud case involving a man from Oklahoma who sold interests in oil wells to a number of Northern California investors, including several attorneys. The representations about the nature of the wells turned out to be false, causing serious losses to the investors. The defense claimed that since they were selling to sophisticated investors, including attorneys, there could be no fraud. We were able to show that the geological formations into which the defendant was drilling wells was known to him to be one which would produce oil just long enough to sell the wells and then would dry up. The wells would look good, but there was no way to get your money out of them because the production would not last. Result: Verdict for the investors of $1,000,000.