CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
CBS DFW WEATHER APP: iPhone App Store | Android App Coming Soon | More Information

Local

Dallas Man Sentenced 20 Years Jail For Investment Scam

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

625x352 thrill eng preview Dallas Man Sentenced 20 Years Jail For Investment ScamWin A Trip To Disneyland!

82641739 10 Dallas Man Sentenced 20 Years Jail For Investment ScamHottest Sunbathers Of The Summer

jennifer lopez 770 Dallas Man Sentenced 20 Years Jail For Investment ScamJennifer Lopez's Bathtub Selfie

 alt=The New Wonder Woman

 alt=Musicians Then And Now

Fantasy_tile

VOTE: Best Coaches In American Sports

DALLAS (AP) - A Dallas businessman has been sentenced to a maximum 20 years in prison over a $7 million investment scam.

A federal judge in Dallas on Thursday afternoon sentenced 46-year-old Alan Todd May. Restitution will be decided later.

May in December 2010 pleaded guilty to mail fraud for raising the money under false pretenses.

Prosecutors say May, who’s been in custody since being arrested in mid-2010 in San Francisco, used investment funds for extravagant personal spending and also to pay his relatives.

The former president of Prosper Oil & Gas Inc. claimed to own and operate leases in Texas, Oklahoma, Colorado and Arkansas. Investigators say more than 170 investors were scammed, including some who were told that annual returns would top 25 percent.

The company was placed into receivership.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Also Check Out:

View Comments