Arizona man accused of stealing $4.75M in oil investment scam

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Robert Aguayo, 40, facing 50 felony charges in an alleged $4.75 million scam. (Source: Arizona Attorney General's office) Robert Aguayo, 40, facing 50 felony charges in an alleged $4.75 million scam. (Source: Arizona Attorney General's office)
Robert Aguayo, 40 (Source: Arizona Attorney General's office) Robert Aguayo, 40 (Source: Arizona Attorney General's office)
PHOENIX (AP) -

An Arizona indictment accuses a 40-year-old man of fraud and theft in an alleged $4.75 million oil investment scam.

The Arizona Attorney General's Office announced Friday that the April 10 indictment charges Robert Yanez Aguayo with 50 counts, including one charging him of illegally having a gun while being a prohibited possessor.

According to state and federal investigators, Aguayo between January 2016 and February 2018 solicited a total of $4.75 million of investments from 48 people by misrepresenting production from oil wells in Oklahoma.

The indictment also alleges that Aguayo used money from new investors to pay earlier investors.

Maricopa County Superior Court records don't list an attorney for Aguayo who could comment on the allegations.

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