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Texas Oil Executive Cons Investors to Pay His Mortgage, Gets 18 Years Prison

A Houston oil executive was sentenced to state prison for defrauding investors who thought they were paying for the drilling and testing of wells — but instead paid the executive’s mortgage.
Daniel Walsh, the CEO of

Houston-based Western Capital Inc., was sentenced to 18 years in state prison on Friday, the Wichita County District Attorney’s Office said.
Walsh, a Galveston oilman, plead guilty to money laundering Wednesday after raising money for the drilling and testing of oil wells in Galveston between 2007 and 2009, but spent the money on his personal expenses instead.

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