Arizona Man Sentenced for Stealing $4.75 Million in Oil Investment Scam

PHOENIX -- Attorney General Mark Brnovich announced that 41-year-old Robert Aguayo was sentenced to five years in the Department of Corrections for stealing approximately $4.75 million in an oil investment scam.

Special Agents with the Arizona Attorney General’s Office investigated the case along with the U.S. Immigration and Customs Enforcement’s Homeland Security Investigation (HSI).  Aguayo operated a business called IGot Oil Co, LLC, which claimed to offer investment opportunities for oil wells in Oklahoma.  Aguayo solicited investments from 48 individuals totaling $4.75 million between January 2016 to February 2018.  It is alleged that the oil wells in Oklahoma were not in production or were not producing oil as Aguayo had represented to the investors.  The investigation revealed that Aguayo used new investor money to pay earlier investors.  Investors were from Arizona, California, Georgia, Idaho, Illinois, Massachusetts, and Texas.

Aguayo was sentenced to five years in the Arizona Department of Corrections, to be followed by a seven-year term of supervised probation.

Assistant Attorney General Joseph Waters prosecuted this case.

Below is the booking photograph for Aguayo: