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.

READ MORE: I-Team: Bank Of America And Zelle Customers Targeted In New High-Tech Scam

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.

READ MORE: Technology Helping Melissa ISD Retain School Bus Drivers During Nationwide Shortage

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.

MORE NEWS: Parents Share Safety Concerns At Mansfield ISD Town Hall On Campus Security Following School Shooting

(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)