Federal jury convicts Kentucky man for fraud
FRANKFORT, Ky. (AP) – A federal jury has convicted a southern Kentucky man of ripping off investors by lying about potential profits from oil and gas wells.
The Lexington Herald Leader reports a jury convicted Ronnie C. Rodgers of conspiracy to commit mail fraud, wire fraud and securities fraud. State regulators had previously ordered the 62-year-old Rodgers to stop selling investments in oil and gas wells. But authorities said Rodgers kept doing it anyway by setting up shell companies soliciting money from investors in Adair, Clinton, Pulaski and Warren counties.
U.S. Attorney Robert M. Duncan Jr. said Rodgers sold a total of $10 million worth of investments.
Rodgers faces up to five years in prison. He is scheduled to be sentenced in December.