North Carolina Man Convicted In Oil-Drilling Investment Scheme
Patrick Shelow, 59, of Asheville, North Carolina, was convicted today of five counts of wire fraud in connection with an oil-drilling investment scheme that bilked his victims out of $1.2 million. Shelow was President of Reserve Fuels Limited, a corporation registered in the British Virgin Islands. From 2006 to 2008, he solicited money from his victims for an oil-driling project in Ecuador. The project was a sham and Shelow used the money to finance his and his family’s personal expenses.
Shelow faces a statutory maximum sentence of 20 years on each count. A sentencing hearing has not yet been scheduled.
The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney David Axelrod.
UNITED STATES ATTORNEY'S OFFICE, EASTERN DISTRICTof PENNSYLVANIA
Suite 1250, 615 Chestnut Street, Philadelphia, PA 19106
PATTY HARTMAN, Media Contact, 215-861-8525