- Associated Press - Wednesday, October 7, 2015

LITTLE ROCK, Ark. (AP) - A federal judge has sentenced a Little Rock man to two years and three months in prison after he acknowledged selling tax credits for refined coal that didn’t exist.

U.S. Attorney Christopher Thayer said Wednesday that 62-year-old Stephen Parks was also ordered to complete three years of supervision upon his release from prison and pay $845,000 in restitution to the Internal Revenue Service.

Parks also agreed to forfeit jewelry purchased with money obtained from the scheme and other property worth $7.5 million.

Parks pleaded guilty in May to a federal wire fraud charge over a fraudulent investment scheme involving the sale of refined coal tax credits. Prosecutors alleged Parks’ Global Coal LLC had no coal to produce, refine or sell but still took money from an investor.

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