Earlier this week I got a text from one of my sources who claimed there was a
Bernie Madoff-like scheme in Shreveport that has left several locals holding the bag for millions of dollars.

The scam apparently involves jet fuel contracts and early investors were getting huge returns. This prompted many investors to pour in more money. Some of the local victims also promised to guarantee millions of dollars in loans.

KTBS reports victims invested with Shreveport businessman David deBerardinis as this alleged scam continued to grow. It involves more than 100 million dollars and there could be as many as 30 investors.

The KTBS report says the FBI is investigating, but will not comment on the financial scam.

Some of the investors in the case Individuals worked with deBerardinis regularly, but some of the others invested after hearing about the great returns.

A lawsuit has been filed against deBerardinis in Texas indicating Freeport McMoran and Alon USA were reselling fossil fuels.

A Dallas just has issued a temporary restraining order to keep deBerardinis from destroying records. He is also ordered not to spend investors money.

The KTBS report quotes Dallas County Judge Carl Ginsberg:  "Based on the Request for Injunctive Relief and evidence, the Court concludes that it is very likely that neither (deBerardinis nor his company) are engaged in the operation of a trading business as they have represented to others."

Shreveport businessmen Stephen Herbel, Jerry Webb and Craig Webb claim they were scammed out of $29 million dollars.

A source tells KEEL News this scam might involve as much as $140 million dollars and other victims are expected to come forward.