Jeff Rand, the product of North Little Rock who admits bilking between $2.5 million and $7 million from between 10 and 50 investors in his oil-and-gas scam, is finally scheduled for sentencing in U.S. District Court in Hot Springs on the morning of Aug. 27.
That will be:
- Fourteen months after Rand, 48, pleaded guilty to one count of felony mail fraud;
- Four years and five months after he was originally indicted on 25 felony counts;
- Five years and eight months after the Arkansas Securities Department first issued a cease-and-desist order against Rand and his Wave Energy Corp., which had by 2006 moved from Hot Springs to Houston.
Jeff Rand’s father, former movie theater mogul W.A. "Tony" Rand, 70, and all four of his brothers – Wayne, 50, Greg, 47, Mark, 46, and Bill, 42 – are currently serving time for oil-and-gas scams prosecuted in Texas.
Jeff’s crimes were the first discovered, but he was the last of the six family members to plead guilty and will be the last to be punished.
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