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CEO of bankrupt oil company sentenced to nearly 3 years in prison, scammed investors

The CEO of a bankrupt southern Kentucky oil company has been sentenced to nearly three years in prison for scamming investors into giving him money for three oil partnerships in Kentucky and Tennessee.

Young Oil Corp. executive Anthony L. Young of Knob Lick pleaded guilty in March to defrauding investors in both states.

Young acknowledged that from November 2007 through December 2008, he fraudulently solicited investments through his company and took the majority of the money for personal and other uses.

Young also pleaded guilty to failing to file income taxes in 2005 and 2006 and having someone make a false statement on a federal form to purchase a pistol for him in 2010.

U.S. District Judge Thomas B. Russell on Tuesday sentenced Young to 33 months.

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