A Lubbock man was found guilty by a Midland County Jury and sentenced late last week by Midland County District Attorney Laura Nodolf, for first degree securities fraud and theft of over $200,000.

Sixty-four year-old Joseph Foster will serve two eleven-year terms in prison concurrently.

EverythingLubbock reports the victims were former employees of Baker Hughes around Texas, California, and Germany. They were all told to invest more than $360,000 with Foster and he would drill wells in New Mexico, hopefully to make money. Little did they know, Foster never had the rights to a drill.

During the trial, the scam was shown to be built up like an investment deal as a joint venture between Foster and Baker Hughes. Foster would maintain control of all operations and investment money, while investors would profit from returns.

Members from the State Securities board showed records of the investor's money being transferred into accounts owned and controlled only by Foster. Then statements of personal purchases including jewelry and a trip to Paris, France.

 

Within one year, all the money was spent and Foster vanished. Investors, frustrated with no progress, contacted federal authorities, and they arrested Foster.

Foster has currently been in custody at the Midland County Jail, but will be sent to the Texas Department of Criminal Justice Institutional Division to serve out his sentence.

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