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Salyersville business on the hook for fraud

A Salyersville family business was hit with a multi-million dollar judgment, after the United States Bankruptcy Court found them culpable in a fraud case.

On May 15, the U.S. Bankruptcy Court for the Eastern District of Kentucky entered a $5.6 million judgment against P&J Resources Inc. and its owners, Richard and Pam Williams. The rulings were the culmination of a multi-year legal struggle by the family of Raymond Fontaine, of Florida, to prove fraud perpetrated on them by P&J and the Williamses.

In the opinion produced by the courts, they found that the Williamses had "fraudulently induced Mr. Fontaine and the plaintiffs to invest in nonexistent and worthless gas wells. As part of this scheme, the plaintiffs have proven that the defendants also converted thousands of dollars of the plaintiffs' investment money for their own use and breached the contracts between the defendants and the plaintiffs when P&J ultimately failed to perform as promised."

Filed under: Magoffin Co. | Economy | Court cases


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