15-Year Home-Stake Case Ends: A federal judge...
From Times Staff and Wire Reports
15-Year Home-Stake Case Ends: A federal judge in Tulsa, Okla., ordered five former officers of Home-Stake Production Co. to pay more than $127 million in damages to 1,600 people--including several celebrities--who were bilked. The case was initiated when the oil drilling tax shelter went sour in 1974, and the judgment brought down the curtain on prosecution of one of the largest Ponzi scheme cases ever. There were originally 39 defendants in the case, but some settled in 1982 and 1984.
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