UPDATE 2-US SEC charges Provident Royalties in $485 mln fraud | Deals | Regulatory News | Reuters: "(Reuters) - Provident Royalties LLC and three founders were charged with securities fraud for allegedly bilking thousands of oil and natural gas investors in a $485 million Ponzi scheme, the Securities and Exchange Commission said on Tuesday.
In a civil case, the SEC alleges that from about September 2006 until January 2009, Texas-based Provident Royalties raised nearly half a billion dollars from at least 7,700 U.S. investors by promising annual returns of over 18 percent and misrepresenting how the funds would be used."
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