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Charges dropped against oil fraud suspect

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By Brad Kellar

Greenville – Charges have been cleared against a Collin County man, one of several defendants in an alleged oil field fraud scheme that cost investors hundreds of thousands of dollars.

Michael Day Lamont, of Allen, was facing a court appearance today to defend allegations of engaging in organized criminal activity, selling securities without registration and fraudulently selling securities. But court records show the Texas State Securities Board dropped the charges after Lamont agreed never to again be involved in the sale of securities.

One man has been sentenced to prison and another to probation. Charges against a fourth man remain pending, while a fifth suspect remains wanted.