Oil Investment Schemer Gets 10 Years For $15M Fraud

Law360, New York (June 29, 2011, 7:53 PM EDT) -- A federal judge in Kentucky sentenced the president and owner of two oil and gas companies to 10 years in prison Wednesday for operating a scheme that defrauded investors of $15.8 million.

In addition to prison time, U.S. District Judge Joseph Hood gave Michael D. Smith, who was president of Target Oil and Gas and owner of Kentucky Indiana Oil and Gas, a $1,100 mandatory special assessment and three years of supervised release, and ordered him to pay $3.2 million in forfeiture.

Judge Hood called Smith...
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