FRANKFORT, Ky. – A federal jury in Kentucky has convicted a 76-year-old California man on fraud and conspiracy charges in connection with an oil investment scheme.
Prosecutors say the scam defrauded more than 200 investors nationwide out of more than $3 million.
The jury in Frankfort on Friday convicted Henry Irving Ramer of Encino of 21 counts of mail fraud, securities fraud and conspiracy to launder money. The trial lasted six days.
Ramer is the fourth person to be convicted in the case. He is scheduled for sentencing on Sept. 8 before U.S. District Judge Gregory Van Tatenhove.
Prosecutors said that misrepresentations were made to victims to raise money and that information wasn't disclosed about the purported investments in oil wells in Barren, Monroe and Cumberland counties.