- Associated Press - Wednesday, July 22, 2015

LEXINGTON, Ky. (AP) - An Ohio man has been sentenced to three years in federal prison for defrauding more than 200 investors out of more than $3 million in a Kentucky oil-well scheme.

The Lexington Herald-Leader (https://bit.ly/1Lt1n3R ) reports that U.S. District Judge Gregory F. Van Tatenhove on Monday also ordered Michael Hicks of Cincinnati to pay back the full amount to the victims.

Hicks pleaded guilty in November to mail fraud.

According to U.S. Attorney Kerry B. Harvey’s office, Hicks admitted that from 2012 to 2014 he was part of a scheme that used high-pressure telephone calls to sell investments in oil wells in Barren, Monroe and Cumberland counties in Kentucky to victims around the country.

Sales presentations included fraudulently guaranteed and exaggerated oil-production numbers and failed to disclose some facts and risks.


Information from: Lexington Herald-Leader, https://www.kentucky.com

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