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Lewisville Man Gets 10 Years Prison For Fraud

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DALLAS (AP) – A Dallas-area businessman has been sentenced to 10 years in prison and must repay more than $53 million for securities fraud.

A federal judge in Dallas on Monday sentenced 53-year-old John Arthur Apple Jr. of Lewisville.

Apple in January pleaded guilty to conspiracy to commit securities fraud and securities fraud. Investigators say the case involved investment offerings from Western Pipeline Corporation.

Apple was majority owner of the company from October 2006 to July 2007 when he sold investments in alleged oil and gas projects. Investigators say Apple and four other men misled investors, including assuming false identities in their sales pitches.

The other four men have pleaded guilty to securities-related fraud. Two have been sentenced to four-year prison terms and must make restitution. The other two await sentencing.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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