Central Texas Man Indicted in Oil and Gas Fraud Targeting Elderly Investors

Oct 21

A Hays County grand jury has indicted Robbie Dale Walker of Dripping Springs on one count of theft of more than $200,000 in connection with an alleged oil and gas scam involving elderly investors.

The indictment was issued Oct. 12 and unsealed Oct. 21. Walker was arrested June 29 on a charge of theft following an investigation by the Hays County Sheriff's Office and the Texas State Securities Board.

According to the affidavit for search warrant in the case, Walker allegedly promised a 93-year-old Hays County woman that she would earn 15% annual returns if she invested in an oil-and-gas project in North Dakota.

Walker was not registered to sell securities. Nor was his company, RD Walker Resources Inc. With few exceptions, registration with the State Securities Board is required for both salespeople and investment products.

Walker is the son of the alleged victim's best friend, according to the affidavit. The indictment names two additional victims who invested at Walker's behest. All three women invested between July 2009 and June 2010, according to the indictment.

Walker spent some of the first alleged victim's money on items from Best Buy and luxury retailers Tiffany and Co. and Louis Vuitton. Another expense was a fee from online dating service Match.com. None of Walker's financial records indicate he invested in oil and gas development, according to the affidavit.

Walker allegedly convinced the first victim to invest $100,000 on two separate occasions. The second investment came from a bank loan the woman secured through a certificate of deposit she held. All told, the woman has allegedly lost $216,273, a total that includes bank fees and missed interest payments.

Nancy Elmilady, an attorney in the Enforcement Division of the State Securities Board, will serve as a special prosecutor in the case, working with the Hays County District Attorney's Office.