Elderly Man Sentenced To Prison For Fake Oil Well Scheme In Texas

PHOENIX (CBSDFW.COM/AP) — An 80-year-old man is headed to prison for running a fraudulent oil well scheme that cost investors nearly $2 million.

In addition to a four year prison sentence, Kenneth Thomas White also has been ordered to pay more than $1.3 million in restitution.

Prosecutors said the sentence was the maximum allowed under the plea deal for White because of his age and medical issues.

White pleaded guilty to transactional money laundering last September.

He was accused of defrauding 13 investors out of about $1.9 million by selling interests in fake oil drilling projects in Texas and Montana.

White was indicted in February 2019 on 60 counts of wire fraud, seven counts of mail fraud and 10 counts of transactional money laundering.