California man sentenced for fraudulent oil scheme in Kentucky

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FRANKFORT, Ky. (WTVQ) –  A federal judge sentenced a California man to 13 years in federal prison for his role in an oil investment scheme in Kentucky that defrauded over 200 investors, nationwide, out of more than $3,000,000.

76-year-old Henry Irving Ramer was sentenced for mail fraud, securities fraud, and conspiracy to launder money.  He will have to serve at least 85-percent of his prison sentence.  Ramer was convicted by a jury in May of this year.

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According to the evidence at trial, Ramer and others raised money from investors by making misrepresentations and failing to disclose material facts about the oil well investments in Barren, Monroe, and Cumberland Counties. Ramer’s role was as a salesman and manager of two Los
Angeles-based telemarketing sales operations. In 2013 and 2014, he and his team coldcalled
potential investors around the country and fraudulently convinced many of them to
invest.