Investors to Get Money Back: They were...
From Times Staff and Wire Reports
Investors to Get Money Back: They were bilked of more than $51 million by companies claiming to sell oil and gas leases over the telephone. They will get back more than 90 cents on the dollar under a plan announced by the Federal Trade Commission. The FTC said three south Florida firms--U.S. Oil and Gas Corp., Eagle Oil and Gas Corp. and the Stratford Co.--along with 10 individuals agreed to the settlements to avoid trials. It said 8,230 people had been sold applications for taking part in federal oil and gas lease lotteries for $5,000 to $10,000 each. They were promised their money back in seven years whether or not they won a lease.
