A California man has been convicted of conducting a scheme that defrauded 200 people through phony oil-well investments in southern Kentucky. The alleged fraud amounted to more than $3 million.
The Herald-Leader reports a federal grand jury found John G. Westine Junior guilty on 26 charges of mail fraud and one charge each of securities fraud and conspiracy to launder money.
Each charge carries a maximum 20-year term. According to the indictment in the case, the scheme involved selling interests in Bowling Green-area oil wells from 2012 to last year. The defendants allegedly used fake geological surveys and other documents to trick would-be investors into believing the area contained huge oil reserves.
Three other men have been charged in connection to the scheme.