The Court of Appeals in Texarkana is scheduled in April to hear the case of Chad Michael Hayes. The McKinney man was convicted by a jury in April 2011 of 17 felony counts.
Hayes' convictions included eight for acting as an unregistered dealer, eight counts of selling unregistered securities and one count of security fraud.
Hayes, with the five defendants charged in a prosecution handled by the Texas State Securities Board, was sentenced to 25 years in prison and was also ordered to pay hundreds of thousands of dollars in restitution.
The alleged scheme involved five victims who invested in Fannin County oil wells, which were never drilled.