Lacrosse Coach Faces Prison Time After Defrauding Friends and Family in Over $2,000,000 Ponzi Scheme

Published 09/25/2023, 11:30 AM EDT

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Coaches are often the most underrated part of any team. They are meant to be trainers, therapists, role models, and parental figures for their players all at once. However, not everyone is as committed to the job. While some coaches might even take a bullet for their team, others seemingly use their position to influence those around them for the worse. Such is the story of William Logsdon, whose Ponzi scheme has defrauded associates, friends, and even family out of more than $2 million.

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The 55-year-old lacrosse coach from Texas is now looking at spending up to 9 years in federal prison on the charges of using his position within the community to defraud those around him.

Guilty of Running Ponzi Scheme

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On Thursday, officials declared Logsdon’s culpability. They charged him with a single charge related to conspiring to commit wire fraud, along with four additional counts of assisting and abetting wire fraud. A press release from the U.S. Attorney’s Office stated that the coach “used the trust he had built with community members during his time as a lacrosse coach and teacher in the Midland area, and even the trust he had established with members of his own family, to convince them to ‘invest’ in a Ponzi scheme.” Logsdon’s mother-in-law, Jamie Thompson, was named as his co-conspirator in the operation.

Logsdon and Thompson reportedly enticed people to invest by claiming they were using the funds to buy “royalty interests.” The funds included a series of oil, gas, and mineral projects across Texas and New Mexico. However, Logsdon purchased these funds from various entities. Some, if not all, of these entities, like the National Royalty Group (NRG) did not exist. In fact, Logsdon and Thompson largely used their accrued funds for personal expenses. They also used the money to advance the Ponzi scheme by providing some ‘distributions’ back to earlier investors.

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Authorities say the duo defrauded 20 individuals of over $2.1 million.

Logsdon’s Lacrosse Club

Logsdon and his wife, Tammie, had started the Bulldog Lacrosse Club in Midland, Texas, in 2015. According to previous reports, the club was very popular and saw immediate success. In fact, Logsdon’s team of student-athletes who hailed from nearby school districts participated in nationwide competitions. They traveled across the country and played opposition from across the United States. The Logsdons have now shut the club.

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Now Logsdon faces nine years in federal prison for his hoodwink operation. A statement declared that, with this operation, “(Logsdon and Thompson) harmed the lives and livelihoods of those they claimed to care about.” Federal prosecutors noted that local authorities’ contributions proved crucial in bringing Logsdon and Thompson to justice.

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Written by:

Kenneth Soares

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Kenneth Soares is a WWE writer EssentiallySports with a penchant for all things sports. He has previously worked in world news, with a focus on US events and geopolitical stories. Kenneth's favorite superstars include Edge, Rey Mysterio and AEW star MJF.
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Edited by:

Priyadarshini Ajay

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