DALLAS (AP) — Federal regulators in Texas say a musician defrauded investors by claiming to develop sound wave technology that would revolutionize the oil and gas industry.
Instead, the lawsuit filed Monday in a Dallas federal court accuses Paul Gilman of using much of the money to fund his "lavish" spending in California and Las Vegas.
The lawsuit said Gilman, a self-described music visionary, raised about $3.3 million from approximately 40 investors across the country, including a nurse in Texas, a church minister in Tennessee and a California businessman.
Gilman, according to the complaint, raised funds for two oil and gas ventures and claimed to have developed a "revolutionary technology" that would make oil flow through pipelines more efficiently, among other applications.
Court records list no attorney for Gilman.
