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Pipeline Entrepreneur Convicted Of Securities Fraud

Law360, New York (January 11, 2018, 9:56 PM EST) -- A Kentucky federal jury convicted the former CEO of U.S. Energy Partners Inc. on charges related to the solicitation of more than $1 million dollars of investment money for the purchase of a gas pipeline.

Clay Shelton, of Bowling Green, allegedly fraudulently solicited $1.18 million from 11 investors while supposedly preparing to buy the Monterey Pipeline in Tennessee. But he misappropriated most of the money, prosecutors said.

A federal jury convicted him of wire fraud, securities fraud, and money laundering — though it was not immediately clear...
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